Farr v. Commissioner
United States Tax Court
1. Corporation A, which was organized in 1945, had a franchise from the Studebaker Corporation under which it carried on a business of buying and selling automobiles. It carried on its business in rented space. All of the outstanding stock of corporation A, 250 shares, was owned by petitioner. Studebaker required that the corporation should obtain better facilities and space for the conduct of its business.
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1. Corporation A, which was organized in 1945, had a franchise from the Studebaker Corporation under which it carried on a business of buying and selling automobiles. It carried on its business in rented space. All of the outstanding stock of corporation A, 250 shares, was owned by petitioner. Studebaker required that the corporation should obtain better facilities and space for the conduct of its business. Two unimproved lots located on different streets were purchased with the intention of constructing a building, on the better of the two locations, in which the corporation would carry on…
1Opinion of the Court
Rena B. Farr, Petitioner, v. Commissioner of Internal Revenue, Respondent
Farr v. Commissioner
Docket No. 39335
United States Tax Court
24 T.C. 350; 1955 U.S. Tax Ct. LEXIS 176;
June 9, 1955, Filed
Decision will be entered under Rule 50.
1. Corporation A, which was organized in 1945, had a franchise from the Studebaker Corporation under which it carried on a business of buying and selling automobiles. It carried on its business in rented space. All of the outstanding stock of corporation A, 250 shares, was owned by petitioner. Studebaker required that the corporation should obtain better facilities…
2Cases cited21 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. GregoryCourt of Appeals for the Second Circuit · 1934
- American Bantam Car Co. v. CommissionerUnited States Tax Court · 1948
- Lewis v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1949
- Lewis v. CommissionerUnited States Tax Court · 1948
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