Rotolo v. Commissioner
United States Tax Court
D, a closely held corporation engaged in the manufacturing business, was liquidated in 1975. It used the completed contract method to report its income, and in computing its gross profits for its final taxable year, D included in gross receipts the advance payments which it had received under certain incomplete long-term contracts and offset the costs of inventory which it had on hand at the end of such year.
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D, a closely held corporation engaged in the manufacturing business, was liquidated in 1975. It used the completed contract method to report its income, and in computing its gross profits for its final taxable year, D included in gross receipts the advance payments which it had received under certain incomplete long-term contracts and offset the costs of inventory which it had on hand at the end of such year. Shortly before the liquidation, the principal stockholder of D transferred stock to three employees of D in recognition of their services for D. Held: 1. The Commissioner's disallowance…
1Opinion of the Court
Louis S. Rotolo and Dorothy R. Rotolo, et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Rotolo v. Commissioner
Docket Nos. 8048-85, 8116-85, 8117-85, 8328-85, 8329-85, 8330-85, 8337-85
United States Tax Court
88 T.C. 1500; 1987 U.S. Tax Ct. LEXIS 160; 88 T.C. No. 85;
June 22, 1987. June 22, 1987, Filed
Decisions will be entered under Rule 155.
D, a closely held corporation engaged in the manufacturing business, was liquidated in 1975. It used the completed contract method to report its income, and in computing its gross profits for its final taxable year, D included in gross…
2Cases cited40 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Thor Power Tool Co. v. CommissionerSupreme Court of the United States · 1979
- Brown v. HelveringSupreme Court of the United States · 1934
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