Lake Forest, Inc. v. Commissioner
United States Tax Court
Petitioner, a nonprofit, nonstock corporation, was organized in February 1947 by World War II veterans and others to acquire Lake Forest, a low-rent public housing project in Wilmington, North Carolina, in order to provide low-cost housing to veterans and to other eligible tenants. Each tenant was generally a member of the corporation and through monthly principal payments acquired an equity in a particular unit in the project.
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Petitioner, a nonprofit, nonstock corporation, was organized in February 1947 by World War II veterans and others to acquire Lake Forest, a low-rent public housing project in Wilmington, North Carolina, in order to provide low-cost housing to veterans and to other eligible tenants. Each tenant was generally a member of the corporation and through monthly principal payments acquired an equity in a particular unit in the project. No dividends or other ordinary distribution could be made to any member or to any other individual. The United States Government provided the original capital by way…
1Opinion of the Court
Train, Judge:
Respondent determined deficiencies in the petitioner’s income tax for the year of April 1, 1948, to June 30, 1948, and for the fiscal years ended June 30, 1949 to 1956, inclusive, in the following amounts:
fiscal year ended June SO— Deficiency
1948_ $3,515.63
1949_ 7, 828.97
1950_ 11,464.95
1951_ 4,355.47
1952_ 11,688.32
Fiscal year ended June SO— Deficiency
1953_ $8,915.01
1954_ 1,491. 79
1955_ 4, 077.44
1956_ 398.83
By amended answer in Docket No. 81891, respondent has requested that the Court determine additions to the deficiencies for the fiscal years 1955 and 1956 in the amounts of…
2Cases cited11 opinions
- Debs Memorial Radio Fund v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1945
- United States v. Pickwick Electric Membership Corp.Court of Appeals for the Sixth Circuit · 1946
- Consumer-Farmer Milk Cooperative, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1950
- Garden Homes Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1933
- Industrial Addition Asso. v. CommissionerUnited States Tax Court · 1942
6 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Washington Athletic Club v. United States of America, Washington Athletic Club v. United StatesCourt of Appeals for the Ninth Circuit · 1980
- George v. Comm'rUnited States Tax Court · 2015
- Lake Forest, Inc. v. CommissionerUnited States Tax Court · 1963
- Lake Forest, Inc. v. CommissionerUnited States Tax Court · 1961