Roche's Beach, Inc. v. Commissioner
United States Board of Tax Appeals
A business corporation empowered by its certificate of incorporation to carry on various commercial businesses besides to hold title to property and collect income therefrom, which is not required by its certificate of incorporation to turn over its entire net income to an organization itself exempt from taxation, is held not exempt from taxation under section 103(6) or 103(14) of the Revenue Act of 1928 even though all of its stock is owned by trustees of a fund for the…
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A business corporation empowered by its certificate of incorporation to carry on various commercial businesses besides to hold title to property and collect income therefrom, which is not required by its certificate of incorporation to turn over its entire net income to an organization itself exempt from taxation, is held not exempt from taxation under section 103(6) or 103(14) of the Revenue Act of 1928 even though all of its stock is owned by trustees of a fund for the relief of needy persons and its income is not used for the benefit of any private stockholder or individual.
1Opinion of the Court
ROCHE'S BEACH, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Roche's Beach, Inc. v. Commissioner
Docket No. 78259.
United States Board of Tax Appeals
35 B.T.A. 1087; 1937 BTA LEXIS 800;
May 7, 1937, Promulgated
A business corporation empowered by its certificate of incorporation to carry on various commercial businesses besides to hold title to property and collect income therefrom, which is not required by its certificate of incorporation to turn over its entire net income to an organization itself exempt from taxation, is held not exempt from taxation under section 103(6) or…
2Cases cited1 opinion
- Roche's Beach, Inc. v. CommissionerUnited States Board of Tax Appeals · 1937