Old Virginia Brick Co. v. Commissioner
United States Tax Court
Held, that the petitioner did not qualify as a small business corporation within the meaning of section 1371 of the Internal Revenue Code of 1954, inasmuch as certain of its stock held in the name of an estate was, in reality, held by a trust, and that therefore an election filed by it under section 1372 of the Code was ineffective to relieve it of the taxes imposed by chapter 1 of the Code.
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax for the taxable years 1959,1960, and 1961 in the respective amounts of $40,569.77, $40,900.22, and $18,714.29.
The parties having settled certain issues by stipulation, the issue remaining is whether the portion of the petitioner’s stock held in 1959 in the name of the Estate of Henry Rhiel Garden was, in reality, held by a trust, thereby precluding classification of the petitioner as a “small business corporation” within the meaning of section 1371 of the Internal Revenue Code of 1954.
FINDINGS OF FACT
Some of the facts have…
2Cases cited7 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Chick v. CommissionerUnited States Tax Court · 1946
- Chick v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1948
- Armstrong v. CommissionerUnited States Tax Court · 1943
2 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Estate of Johnson v. CommissionerUnited States Tax Court · 1987
- American Nurseryman Publishing Co. v. CommissionerUnited States Tax Court · 1980
- Fulk & Needham, Inc. v. United StatesDistrict Court, M.D. North Carolina · 1968
- Guzowski v. CommissionerUnited States Tax Court · 1967
- Maresca Trust v. CommissionerUnited States Tax Court · 1983
5 more not listed; retrieve them via the Exa API.