McCullough Transfer Co. v. Commissioner
United States Tax Court
During the years 1950 and 1951 the petitioner was in the business of transportation of goods as a common carrier, the actual transportation being done under contract by independent owner-operators or "brokers."
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During the years 1950 and 1951 the petitioner was in the business of transportation of goods as a common carrier, the actual transportation being done under contract by independent owner-operators or "brokers." When a broker, who hauled for petitioner, was unable financially to otherwise obtain a needed trailer the petitioner would purchase one from the factory at a fleet discount and deliver it to the broker under an arrangement whereby petitioner withheld from the amount due the broker for hauling a certain amount to be credited to the broker on an agreed purchase price. When the sum of…
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax liability of the petitioner for the calendar years 1950 and 1951 in the respective amounts of $2,053.57 and $8,080.02. The question at issue under the pleadings is whether the gains derived by the petitioner upon the sale of certain trailers, trucks, and other motor vehicle equipment constituted ordinary income or capital gains.
FINDINGS OF FACT.
The petitioner is a corporation organized in 1940 under the laws of the State of Ohio with principal office at Youngstown, Ohio. Its income tax returns for the years in question were…
2Cases cited3 opinions
- Philber Equipment Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1956
- Philber Equip. Corp. v. Comm'rUnited States Tax Court · 1955
- A. Benetti Novelty Co. v. CommissionerUnited States Tax Court · 1949
3Cited by7 opinions
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
- Grant Oil Tool Company v. The United StatesUnited States Court of Claims · 1967
- Lynch-Davidson Motors, Inc. v. TomlinsonDistrict Court, S.D. Florida · 1958
- Guardian Indus. Corp. v. CommissionerUnited States Tax Court · 1991
- Mafco Equip. Co. v. Comm'rUnited States Tax Court · 1983
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