Continental Illinois Corp. v. Commissioner
United States Tax Court
Held: Petitioner is not entitled to certain foreign tax credits both where petitioner failed to substantiate that the withholding tax was paid and where the foreign borrower had no legal liability to withhold and pay such tax. Held further, petitioner is entitled to certain other foreign tax credits where petitioner provided evidence that withholding taxes were paid.
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Held: Petitioner is not entitled to certain foreign tax credits both where petitioner failed to substantiate that the withholding tax was paid and where the foreign borrower had no legal liability to withhold and pay such tax. Held further, petitioner is entitled to certain other foreign tax credits where petitioner provided evidence that withholding taxes were paid. Held further, petitioner's income accruals were proper in the amount of $ 4,809,179, but were improper where foreign borrowers had no legal liability for payment of withholding taxes.
1Opinion of the Court
CONTINENTAL ILLINOIS CORPORATION, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Continental Illinois Corp. v. Commissioner
Docket No. 5931-83
United States Tax Court
T.C. Memo 1991-66; 1991 Tax Ct. Memo LEXIS 85; 61 T.C.M. (CCH) 1916; T.C.M. (RIA) 91066;
February 21, 1991, Filed
Decision will be entered under Rule 155.
Held: Petitioner is not entitled to certain foreign tax credits both where petitioner failed to substantiate that the withholding tax was paid and where the foreign borrower had no legal liability to withhold and pay such tax. Held further, petitioner is entitled to…
2Cases cited27 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- Continental Tie & Lumber Co. v. United StatesSupreme Court of the United States · 1932
- Biddle v. CommissionerSupreme Court of the United States · 1938
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3Cited by2 opinions
- Continental Illinois Corporation, Also Known as Continental Bank Corporation, Cross-Appellee v. Commissioner of Internal Revenue, Cross-AppellantCourt of Appeals for the Seventh Circuit · 1993
- Resale Mobile Homes, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1992