Second Carey Trust v. Commissioner
United States Board of Tax Appeals
1. Held, under the facts in the record, petitioner, an Oklahoma express trust, is an association taxable as a corporation, Morrissey v. Commissioner,296 U.S. 344. 2. Held, under the facts in the record petitioner is entitled to depletion computed under section 114(b)(3) of the Revenue Act of 1934. Respondent's determination as to depreciation affirmed. 3. Where petitioner did not file a capital stock tax return for the year 1934, but was assessed and paid tax on a capital…
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1. Held, under the facts in the record, petitioner, an Oklahoma express trust, is an association taxable as a corporation, Morrissey v. Commissioner,296 U.S. 344. 2. Held, under the facts in the record petitioner is entitled to depletion computed under section 114(b)(3) of the Revenue Act of 1934. Respondent's determination as to depreciation affirmed. 3. Where petitioner did not file a capital stock tax return for the year 1934, but was assessed and paid tax on a capital stock of $500,000, held, $500,000 is the "adjusted declared value" of its capital stock for the purposes of the excess…
1Opinion of the Court
*805OPINION.
KeRn:
It is necessary to first consider the question of whether petitioner was, during the taxable year before us, an association taxable as a corporation, within the meaning of section 801 (a) (2) of the [Revenue Act of 1934, as determined by the respondent.
Petitioner contends that it is not so taxable for the reason that during the year 1934 it was not engaged in carrying on a business *806for profit, but was a liquidating trust, and its entire activities were in pursuance of its purpose of liquidation. It contends in the alternative that if found to be an association taxable as a…
2Cases cited4 opinions
- Morrissey v. CommissionerSupreme Court of the United States · 1935
- Haggar Co. v. Helvering, Com'r of Internal RevenueSupreme Court of the United States · 1940
- Helvering v. Coleman-Gilbert AssociatesSupreme Court of the United States · 1935
- Helvering v. CombsSupreme Court of the United States · 1935
3Cited by14 opinions
- Markwardt v. CommissionerUnited States Tax Court · 1975
- Haft Trust v. CommissionerUnited States Tax Court · 1974
- Robin Haft Trust v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1975
- Oblinger v. CommissionerUnited States Tax Court · 1993
- Taylor v. CommissionerUnited States Tax Court · 1987
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