Baton Rouge Supply Co. v. Commissioner
United States Tax Court
In 1955, all of the stock of Baton Rouge Supply Company, Inc., a loss corporation, was acquired by Barksdale and LeBlanc. Held, the acquisition was not made for the principal purpose of evading or avoiding Federal income tax.
1Opinion of the Court
Train, Judge:
Respondent determined a deficiency in petitioner’s income tax for the fiscal year ending March 31,1956, in the amount of $39,385.83. The issues for decision are as follows:(1) Whether Ira Eugene Barksdale and William H. LeBlanc, Jr., acquired the capital stock of petitioner for the principal purpose of evading or avoiding Federal income tax by securing to themselves a deduction, credit, or other allowance which they would not otherwise have en j oyed; and(2) Whether petitioner is entitled to a bad debt deduction of $1,200.72 for the fiscal year ended March 31,1956.
FINDINGS OF…
2Cases cited3 opinions
- Thomas E. Snyder Sons Co. v. CommissionerUnited States Tax Court · 1960
- Commodores Point Terminal Corp. v. CommissionerUnited States Tax Court · 1948
- Urban Redevelopment Corp. v. CommissionerUnited States Tax Court · 1960
3Cited by28 opinions
- Goodwyn Crockery Co. v. CommissionerUnited States Tax Court · 1961
- H. F. Ramsey Co. v. CommissionerUnited States Tax Court · 1965
- Clarksdale Rubber Co. v. CommissionerUnited States Tax Court · 1965
- D'Arcy-MacManus & Masius, Inc. v. CommissionerUnited States Tax Court · 1975
- Glen Raven Mills, Inc. v. CommissionerUnited States Tax Court · 1972
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