Parker Tree Farms, Inc. v. Commissioner
United States Tax Court
Parker Tree Farms, Inc. Held: 1. Petitioner received unreported interest income in the amount of $7,500 in 1970. 2. Petitioner overstated its basis in land sold to Weyerhauser Paper Company in 1967 by $46,368.74. 3. Petitioner is liable for an addition to tax for failure to timely file corporate income tax returns for 1968 and 1970, under section 6651 (a). 4. Petitioner is liable for an addition to tax for negligence for 1968 and 1970, under section 6653(a). Josephus D. and…
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Parker Tree Farms, Inc. Held: 1. Petitioner received unreported interest income in the amount of $7,500 in 1970. 2. Petitioner overstated its basis in land sold to Weyerhauser Paper Company in 1967 by $46,368.74. 3. Petitioner is liable for an addition to tax for failure to timely file corporate income tax returns for 1968 and 1970, under section 6651 (a). 4. Petitioner is liable for an addition to tax for negligence for 1968 and 1970, under section 6653(a). Josephus D. and Helen H. Parker Held: 1. Petitioners received constructive dividends in the amounts of $37,500 and $27,808.15 from J.D.…
1Opinion of the Court
PARKER TREE FARMS, INC., ET AL., 1 Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Parker Tree Farms, Inc. v. Commissioner
Docket Nos. 5431-76, 5432-76, 5433-76.
United States Tax Court
T.C. Memo 1983-357; 1983 Tax Ct. Memo LEXIS 424; 46 T.C.M. (CCH) 493; T.C.M. (RIA) 83357;
June 20, 1983.
Parker Tree Farms, Inc.
Held:
1. Petitioner received unreported interest income in the amount of $7,500 in 1970.
2. Petitioner overstated its basis in land sold to Weyerhauser Paper Company in 1967 by $46,368.74.
3. Petitioner is liable for an addition to tax for failure to timely file corporate income…
2Cases cited23 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Kessing v. National Mortgage CorporationSupreme Court of North Carolina · 1971
- Enoch v. CommissionerUnited States Tax Court · 1972
- Schroeder v. CommissionerUnited States Tax Court · 1963
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