Fountain v. Commissioner
United States Tax Court
1. An electing small business corporation under subch. S of the 1954 Code within 2 1/2 months after the close of its taxable year ended July 31, 1967, issued checks to its shareholders totaling the undistributed taxable income for that year.
Read the full summary
1. An electing small business corporation under subch. S of the 1954 Code within 2 1/2 months after the close of its taxable year ended July 31, 1967, issued checks to its shareholders totaling the undistributed taxable income for that year. There were insufficient funds in the corporation's bank account to pay the checks and they were never cashed by the shareholders but were instead endorsed back to the corporation as loans after the close of the corporation's taxable year ended July 31, 1969. The corporation terminated its subch. S election for the taxable year ended July 31, 1968. Held:…
1Opinion of the Court
Goffe, Judge:
Bespondent determined deficiencies in Federal income tax and addition to tax of the petitioners as follows:
[[Image here]]
Upon joint motion by the parties, these cases were consolidated for trial, briefs, and opinion. The addition to tax in docket No. 4967-70 was not assigned as error by petitioners and was, therefore, conceded. Other adjustments contained in the statutory notices of deficiency were not assigned as error and other adjustments assigned as error have been settled by the parties. The issues for decision are:(1) Whether receipt of checks of Craft Plating & Finishing,…
2Cases cited13 opinions
- Michael Flynn Mfg. Co. v. CommissionerUnited States Tax Court · 1944
- Marvin A. Heidt and Beatrice Heidt v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1959
- Anthony P. Miller, Inc. v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1947
- Hyland v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1949
- Anthony P. Miller, Inc. v. CommissionerUnited States Tax Court · 1946
8 more not listed; retrieve them via the Exa API.
3Cited by57 opinions
- Stemkowski v. CommissionerUnited States Tax Court · 1981
- Don E. Williams Co. v. CommissionerUnited States Tax Court · 1974
- Jerome Castree Interiors, Inc. v. CommissionerUnited States Tax Court · 1975
- Gillis v. CommissionerUnited States Tax Court · 1974
- White v. CommissionerUnited States Tax Court · 1974
52 more not listed; retrieve them via the Exa API.