T.F.H. Publications, Inc. v. Commissioner
United States Tax Court
In 1971 petitioner, an accrual basis taxpayer, acquired the printing and publishing assets of Miracle Pet Products, Inc., under a written agreement and amendment thereto. The purchase price was to be paid by cash, assumption of certain liabilities, cancellation of certain liabilities from Miracle to the Axelrods, who owned about 36 percent of the stock of Miracle and all the stock of petitioner, and by a credit to Miracle for future advertising in petitioner's publications.
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In 1971 petitioner, an accrual basis taxpayer, acquired the printing and publishing assets of Miracle Pet Products, Inc., under a written agreement and amendment thereto. The purchase price was to be paid by cash, assumption of certain liabilities, cancellation of certain liabilities from Miracle to the Axelrods, who owned about 36 percent of the stock of Miracle and all the stock of petitioner, and by a credit to Miracle for future advertising in petitioner's publications. The agreement permitted adjustment of certain items as they were subsequently agreed upon. No specific mention was made…
1Opinion of the Court
T.F.H. Publications, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
T.F.H. Publications, Inc. v. Commissioner
Docket No. 8621-75
United States Tax Court
72 T.C. 623; 1979 U.S. Tax Ct. LEXIS 95;
July 5, 1979, Filed
Decision will be entered for the respondent.
In 1971 petitioner, an accrual basis taxpayer, acquired the printing and publishing assets of Miracle Pet Products, Inc., under a written agreement and amendment thereto. The purchase price was to be paid by cash, assumption of certain liabilities, cancellation of certain liabilities from Miracle to the Axelrods, who owned…
2Cases cited24 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- American Automobile Assn. v. United StatesSupreme Court of the United States · 1961
- Commissioner v. DanielsonCourt of Appeals for the Third Circuit · 1967
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