Artukovich v. Commissioner
United States Tax Court
Ron Waller Enterprises, Inc., a small business corporation, filed its election under sec. 1372(a), I.R.C. 1954, more than 1 month after it borrowed $ 20,000, received an assignment of a lease on premises where it later conducted a restaurant-nightclub business, and expended about $ 10,000 of the borrowed funds for remodeling the leased premises and other purposes.
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Ron Waller Enterprises, Inc., a small business corporation, filed its election under sec. 1372(a), I.R.C. 1954, more than 1 month after it borrowed $ 20,000, received an assignment of a lease on premises where it later conducted a restaurant-nightclub business, and expended about $ 10,000 of the borrowed funds for remodeling the leased premises and other purposes. Held: The election was not timely within the meaning of sec. 1372(c)(1), I.R.C. 1954. Sec. 1.1372-2(b)(1), Income Tax Regs., applied.
1Opinion of the Court
Nick A. Artukovich and Stella M. Artukovich, Petitioners v. Commissioner of Internal Revenue, Respondent
Artukovich v. Commissioner
Docket No. 2686-70
United States Tax Court
61 T.C. 100; 1973 U.S. Tax Ct. LEXIS 32;
October 29, 1973, Filed
Decision will be entered for the respondent.
Ron Waller Enterprises, Inc., a small business corporation, filed its election under sec. 1372(a), I.R.C. 1954, more than 1 month after it borrowed $ 20,000, received an assignment of a lease on premises where it later conducted a restaurant-nightclub business, and expended about $ 10,000 of the borrowed funds for…
2Cases cited10 opinions
- United States v. CorrellSupreme Court of the United States · 1967
- Frentz v. CommissionerUnited States Tax Court · 1965
- J. William Frentz v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1967
- Schubert v. LoweCalifornia Supreme Court · 1924
- Pestcoe v. CommissionerUnited States Tax Court · 1963
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