E-B Grain Co. v. Commissioner
United States Tax Court
P qualified as an electing small business corporation for its fiscal year ending July 31, 1977. P's small business election was revoked for its fiscal year 1978. The 15th day of the 3d month following the close of P's fiscal year 1977 (i.e., Oct. 15, 1977) fell on a Saturday, and P was closed for business on that date.
Read the full summary
P qualified as an electing small business corporation for its fiscal year ending July 31, 1977. P's small business election was revoked for its fiscal year 1978. The 15th day of the 3d month following the close of P's fiscal year 1977 (i.e., Oct. 15, 1977) fell on a Saturday, and P was closed for business on that date. On Monday, Oct. 17, 1977, P made two distributions to its shareholders (petitioners herein) in respect of their stock, and these distributions did not exceed the shareholders' respective shares of P's undistributed accumulated income at July 31, 1977. Held, when the last day of…
1Opinion of the Court
OPINION
Korner, Judge:
In these consolidated cases, respondent determined deficiencies in Federal income tax as follows:
Docket No. Petitioner Year Deficiency
4291-82 E-B Grain Co., Inc. 1978 $130,121.37
4292-82 Kirby L. Everette and Dorthy G. Everette 1976 82,369.92 1977 63,771.57 1978 351.00
4293-81 Marvin R. Everette and Bernice J. Everette 1976 83,616.89 1977 64,059.39 1978 378.00
After concessions by both parties,2 the sole issue for decision is whether distributions made on October 17, 1977, by E-B Grain Co., Inc. (hereinafter E-B Grain), were timely under the provisions of section 1375(f)(1).3
2Cases cited7 opinions
- Dixon v. United StatesSupreme Court of the United States · 1965
- Malat v. RiddellSupreme Court of the United States · 1966
- Jacklin v. CommissionerUnited States Tax Court · 1982
- Sherwood Bros. v. District of ColumbiaCourt of Appeals for the D.C. Circuit · 1940
- Dittler Bros., Inc. v. CommissionerUnited States Tax Court · 1979
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- E-B Grain Co. v. CommissionerUnited States Tax Court · 1983
- Olsen v. CommissionerUnited States Tax Court · 1984
- Peterson v. CommissionerUnited States Tax Court · 1984