Ballentine Motor Co. v. Commissioner
United States Tax Court
The president and controlling stockholder of various controlled corporate automobile dealers contracted with a finance company to receive personally rebates from finance paper on installment sales by the dealers. These rebates were in addition to those granted under the contracts with the dealers and thus in excess of those customarily granted by the finance company. One dealership had a large operating deficit.
Read the full summary
The president and controlling stockholder of various controlled corporate automobile dealers contracted with a finance company to receive personally rebates from finance paper on installment sales by the dealers. These rebates were in addition to those granted under the contracts with the dealers and thus in excess of those customarily granted by the finance company. One dealership had a large operating deficit. In 1954 it received loans from a related controlled management corporation to purchase at cost inventories from two profitable related corporations. After 1954 these inventories,…
1Opinion of the Court
Ballentine Motor Co., Inc., et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Ballentine Motor Co. v. Commissioner
Docket Nos. 83228, 83229, 83230
United States Tax Court
39 T.C. 348; 1962 U.S. Tax Ct. LEXIS 31;
November 6, 1962, Filed
Decisions will be entered for the respondent.
The president and controlling stockholder of various controlled corporate automobile dealers contracted with a finance company to receive personally rebates from finance paper on installment sales by the dealers. These rebates were in addition to those granted under the contracts with the dealers and…
Also in this document: Concurrence.
2Cases cited16 opinions
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- Commissioner of Internal Revenue v. Chelsea Products, IncCourt of Appeals for the Third Circuit · 1952
- National Securities Corp. v. Com'r of Internal RevenueCourt of Appeals for the Third Circuit · 1943
- Aldon Homes, Inc. v. CommissionerUnited States Tax Court · 1959
- Ballentine Motor Co. v. CommissionerUnited States Tax Court · 1962
11 more not listed; retrieve them via the Exa API.