A. F. Lowes Lumber Co. v. Commissioner
United States Tax Court
1. Timber acquired in the name of partners with funds advanced by a wholly owned corporation, under a plan whereby the timber was to be acquired and owned by the partnership and sold for reasonable stumpage to the corporation for logging and subsequent sale, the stumpage to be credited against the advances made to purchase the timber, held, to be owned by the partnership and not the corporation.
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1. Timber acquired in the name of partners with funds advanced by a wholly owned corporation, under a plan whereby the timber was to be acquired and owned by the partnership and sold for reasonable stumpage to the corporation for logging and subsequent sale, the stumpage to be credited against the advances made to purchase the timber, held, to be owned by the partnership and not the corporation. Respondent may not disregard the sales from the partnership to the corporation. 2. Sec. 117(k)(2), I.R.C. 1939. - Stumpage credited to partnership by corporation under timber cutting contracts whereby…
1Opinion of the Court
A. F. Lowes Lumber Co. v. Commissioner. Estate of A. F. Lowes, Deceased, the First National Bank of Portland (Oregon), Executor, and Ruth L. Lowes, surviving wife, v. Commissioner.
A. F. Lowes Lumber Co. v. Commissioner
Docket Nos. 71689, 71690.
United States Tax Court
T.C. Memo 1960-141; 1960 Tax Ct. Memo LEXIS 145; 19 T.C.M. (CCH) 727; T.C.M. (RIA) 60141;
June 30, 1960
1. Timber acquired in the name of partners with funds advanced by a wholly owned corporation, under a plan whereby the timber was to be acquired and owned by the partnership and sold for reasonable stumpage to the corporation for…
2Cases cited27 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Burnet v. Commonwealth Improvement Co.Supreme Court of the United States · 1932
- Gene O. Clark and Faye Clark v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1959
- Tauber v. CommissionerUnited States Tax Court · 1955
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