Minnesota Mortuaries, Inc. v. Commissioner
United States Tax Court
Petitioner, whose shares were owned by two individuals, derived more than 50 percent of its income in each of the taxable years from leasing certain of its buildings to an operating company, most of the shares of which were owned by petitioner. Held, the income derived from such leases was not personal holding company income under section 353 (f) of the Revenue Act of 1936, as amended, and petitioner was not a personal holding company during any of the taxable years.
1Opinion of the Court
OPINION.
Haeron, Judge:
Respondent determined that petitioner was a personal holding company during all of the taxable years and therefore subject to the personal holding company surtax under the provisions of sections 352, 353, and 354 of the Revenue Act of 1936, as amended, and the corresponding sections of the subsequent revenue acts. Those sections provide that the term “personal holding company” means any corporation with certain exceptions not material here, if (1) at least 80 percent (70 percent in some instances not involved in this proceeding) of its gross income for the taxable year…
2Cases cited2 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Gregory v. HelveringSupreme Court of the United States · 1935
3Cited by15 opinions
- Western Transmission Corp. v. CommissionerUnited States Tax Court · 1952
- 320 E. 47th Street Corp. v. CommissionerUnited States Tax Court · 1956
- Walnut Street Co. v. GlennDistrict Court, W.D. Kentucky · 1948
- Allied Industrial Cartage Co. v. CommissionerUnited States Tax Court · 1979
- Silverman & Sons Realty Trust v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1980
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