Hughes, Inc. v. Commissioner
United States Tax Court
Held, petitioner is not liable for the accumulated earnings tax because earnings and profits were not accumulated beyond the reasonable needs of its business.
1Opinion of the Court
Hughes, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Hughes, Inc. v. Commissioner
Docket No. 10741-84
United States Tax Court
90 T.C. 1; 1988 U.S. Tax Ct. LEXIS 1; 90 T.C. No. 1;
January 4, 1988; As Amended February 4, 1988; As amended January 6, 1988 January 4, 1988, Filed
Decision will be entered for the petitioner.
Held, petitioner is not liable for the accumulated earnings tax because earnings and profits were not accumulated beyond the reasonable needs of its business.
Charles H. Egerton and Paul Mandelkern, for the petitioner.
John S. Winkler, for the respondent.
Whitaker,…
2Cases cited27 opinions
- Larry Bonner v. City of Prichard, AlabamaCourt of Appeals for the Eleventh Circuit · 1981
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- United States v. Donruss Co.Supreme Court of the United States · 1969
- Faber Cement Block Co. v. CommissionerUnited States Tax Court · 1968
- Ivan Allen Co. v. United StatesSupreme Court of the United States · 1975
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