Parker Oil Co. v. Commissioner
United States Tax Court
Stockholders of petitioners settled a lawsuit involving ownership of 5 shares of stock of petitioner by providing for the transfer back to the former owner of the disputed shares, by granting an irrevocable proxy to unrelated parties to vote such shares, by providing for the voting power in the election of directors by the stockholders and proxy holders until dissolution of the corporation, and by providing for the voting power of the directors until dissolution of the…
Read the full summary
Stockholders of petitioners settled a lawsuit involving ownership of 5 shares of stock of petitioner by providing for the transfer back to the former owner of the disputed shares, by granting an irrevocable proxy to unrelated parties to vote such shares, by providing for the voting power in the election of directors by the stockholders and proxy holders until dissolution of the corporation, and by providing for the voting power of the directors until dissolution of the corporation. Respondent determined that the net effect of such agreements and execution of the proxy created a second class…
1Opinion of the Court
Goffe, Judge:
Respondent determined a deficiency in petitioner’s Federal income tax for tbe taxable year ending June 30, 1967, in tbe amount of $56,985.10.
Tbe sole issue for decision is whether tbe election of Parker Oil Co. to be taxed as a small business corporation under the provisions of section 1372(e) (3)1 terminated in 1966 for failure to comply with the requirement of section 1371(a) (4) that the corporation have only one class of stock.
This will require us to decide whether 5 shares of stock of the petitioner covered by an agreement among the stockholders and the corporation which…
2Cases cited8 opinions
- Zellerbach Paper Co. v. HelveringSupreme Court of the United States · 1934
- Samuel Pollack and Annie Pollack v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
- Pollack v. CommissionerUnited States Tax Court · 1966
- Gamman v. CommissionerUnited States Tax Court · 1966
- Stinnett v. CommissionerUnited States Tax Court · 1970
3 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- BBS Associates, Inc. v. CommissionerUnited States Tax Court · 1980
- Morris v. CommissionerUnited States Tax Court · 1978
- Bayley v. CommissionerUnited States Tax Court · 1977
- Mason v. CommissionerUnited States Tax Court · 1977
- Lafayette Distributors, Inc. v. United StatesDistrict Court, W.D. Louisiana · 1975
13 more not listed; retrieve them via the Exa API.