Schenley Industries, Inc. v. Commissioner
United States Tax Court
1. Held: Park & Tilford Import Corp. qualifies for relief under section 722(b)(4) of the 1939 Code. Determination made of a fair and just amount representing normal earnings to be used in the taxpayer's constructive average base period net income. 2. Held, further, Park & Tilford Distillers Corp. not entitled to relief under section 722(b)(4). 3. Held, further, Bonnie Bros. not entitled to relief under section 722(b)(4) or (b)(5). 4. Held, further, Park & Tilford Distillery,…
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1. Held: Park & Tilford Import Corp. qualifies for relief under section 722(b)(4) of the 1939 Code. Determination made of a fair and just amount representing normal earnings to be used in the taxpayer's constructive average base period net income. 2. Held, further, Park & Tilford Distillers Corp. not entitled to relief under section 722(b)(4). 3. Held, further, Bonnie Bros. not entitled to relief under section 722(b)(4) or (b)(5). 4. Held, further, Park & Tilford Distillery, Inc., not entitled to relief under section 722(c).
1Opinion of the Court
TraiN, Judge:
Respondent determined deficiencies and petitioners claimed overpayments in the respective dockets for the years and in the amounts as follows:
Schenley Industries, Inc., a Corporation, Successor Toy Merger to Parle é Tilford Distillers Corporation, Successor hy Merger to Parle é Tilford Import Corporation
DOCKET NO. 40964
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Bonnie Bros., and Schenley Industries, Inc., Successor by Merger to Parle & Tilford Distillers Corporation, Formerly Parle & Tilford, Inc., Sole Stockholder at Time of Dissolution of Bonnie Bros.
DOCKET NO. 40965
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Schenley Industries, Inc.,…
2Cases cited38 opinions
- United States v. Memphis Cotton Oil Co.Supreme Court of the United States · 1933
- United States v. KalesSupreme Court of the United States · 1941
- Angelus Milling Co. v. CommissionerSupreme Court of the United States · 1945
- Tucker v. AlexanderSupreme Court of the United States · 1927
- United States v. Garbutt Oil Co.Supreme Court of the United States · 1938
33 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Computervision Corp. v. United StatesCourt of Appeals for the Federal Circuit · 2006
- Schenley Industries, Inc. v. CommissionerUnited States Tax Court · 1964