Rollins Burdick Hunter Co. v. Commissioner
United States Tax Court
Income -- Corporation Dealing in its Own Shares. -- A corporation was not dealing in its own shares as it would in the shares of another where it acted pursuant to an agreement of its stockholders that its shares should always be held solely by those responsible for its operation and in proportion to their contributions of service towards its success.
1Opinion of the Court
OPINION.
Murdock, Judge:
The Commissioner determined deficiencies in income tax: of $157.14 and $2,532.01 for 1942 and 1943, and a deficiency of $1,908.32 in excess profits tax for 1943. The only issue for decision is whether the petitioner was dealing in its own stock as it might in the stock of another and, therefore, realized taxable gains from sales of its own stock in each taxable year. The facts have been stipulated.
The petitioner is an Illinois corporation. It filed its returns for 1942 and 1943 with the collector of internal revenue for the first district of Illinois.
It is engaged in…
2Cases cited3 opinions
- Dr. Pepper Bottling Co. v. CommissionerUnited States Tax Court · 1942
- Cluett, Peabody & Co. v. CommissionerUnited States Tax Court · 1944
- Brockman Oil Well Cementing Co. v. CommissionerUnited States Tax Court · 1943
3Cited by18 opinions
- Duncan Industries, Inc., etc. v. CommissionerUnited States Tax Court · 1979
- Commissioner of Internal Revenue v. Landers CorpCourt of Appeals for the Sixth Circuit · 1954
- Commissioner of Internal Revenue v. H. W. Porter & Co., Inc.Court of Appeals for the Third Circuit · 1951
- Batten, Barton, Durstine & Osborn, Inc. v. CommissionerUnited States Tax Court · 1947
- Anderson, Clayton & Co. v. United StatesUnited States Court of Claims · 1954
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