Las Cruces Oil Co. v. Commissioner
United States Tax Court
The assets of two partnerships engaged in selling petroleum and related products were transferred to petitioner in a transaction meeting the requirements of sec. 351, I.R.C. 1954. The final returns of the partnerships erroneously omitted portions of their closing inventories.
Read the full summary
The assets of two partnerships engaged in selling petroleum and related products were transferred to petitioner in a transaction meeting the requirements of sec. 351, I.R.C. 1954. The final returns of the partnerships erroneously omitted portions of their closing inventories. Held, under sec. 362(a)(1), I.R.C. 1954, petitioner is entitled to use as its basis for its opening inventory the actual amounts of inventory on hand, unadjusted for the errors in the partnerships' final returns.
1Opinion of the Court
Las Cruces Oil Company, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Las Cruces Oil Co. v. Commissioner
Docket No. 859-73
United States Tax Court
62 T.C. 764; 1974 U.S. Tax Ct. LEXIS 50; 62 T.C. No. 82;
September 9, 1974, Filed
Decision will be entered under Rule 155.
The assets of two partnerships engaged in selling petroleum and related products were transferred to petitioner in a transaction meeting the requirements of sec. 351, I.R.C. 1954. The final returns of the partnerships erroneously omitted portions of their closing inventories. Held, under sec. 362(a)(1), I.R.C. 1954,…
2Cases cited33 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Brown v. HelveringSupreme Court of the United States · 1934
- Commissioner v. Gooch Milling & Elevator Co.Supreme Court of the United States · 1944
- Gooding Amusement Co. v. CommissionerUnited States Tax Court · 1954
- Mayfair Minerals, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1972
28 more not listed; retrieve them via the Exa API.