Arlington Metal Industries, Inc. v. Commissioner
United States Tax Court
Petitioner is the successor corporation to ATI, Inc. In 1965, the majority stockholder of ATI caused investigations to be made of two of the corporation's managing officers and directors, B and W, for alleged mismanagement and possible theft of scrap metal.
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Petitioner is the successor corporation to ATI, Inc. In 1965, the majority stockholder of ATI caused investigations to be made of two of the corporation's managing officers and directors, B and W, for alleged mismanagement and possible theft of scrap metal. ATI and B and W executed a mutual release wherein the two stockholders agreed to surrender their stock (1,368 shares) to the corporation and to forgive the corporation's liability ($ 17,556.06) to them in consideration of any claims the corporation might have against them. ATI was not insolvent when the mutual release was executed. Held,…
1Opinion of the Court
Arlington Metal Industries, Inc. (Successor to Arlington Texas Industries, Inc.), Petitioner v. Commissioner of Internal Revenue, Respondent
Arlington Metal Industries, Inc. v. Commissioner
Docket No. 5830-68
United States Tax Court
57 T.C. 302; 1971 U.S. Tax Ct. LEXIS 18;
December 2, 1971, Filed
Decision will be entered under Rule 50.
Petitioner is the successor corporation to ATI, Inc. In 1965, the majority stockholder of ATI caused investigations to be made of two of the corporation's managing officers and directors, B and W, for alleged mismanagement and possible theft of scrap metal. ATI and B…
2Cases cited19 opinions
- United States v. Safety Car Heating & Lighting Co.Supreme Court of the United States · 1936
- Raytheon Production Corp. v. Commissioner of Int. Rev.Court of Appeals for the First Circuit · 1944
- Harrison E. Spangler and Myrtle B. Spangler v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
- Durkee v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1947
- H. Liebes & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1937
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