Legal Opinion
WH Gunlocke Chair Co. v. Commissioner of Int. Rev.
Court of Appeals for the Second Circuit
Decided November 16, 1944No. 62PublishedCited by 10 opinions
1Opinion of the Court
FRANK, Circuit Judge.
The Tax Court found that taxpayer’s earnings or profits were permitted to accumulate beyond the reasonable needs of the business. Under the express terms of § 102(c), this finding, if valid, created a presumption that the purpose of the accumulation was to avoid surtax upon the shareholders unless the taxpayer proved the contrary by a clear preponderance of the evidence. The Tax Court found that taxpayer had not done so. Both those findings constitute determinations of fact which, under the narrowest interpretation of Dobson v. Commissioner, 320 U.S. 489, 64 S.Ct. 239, we…
2Cases cited4 opinions
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Helvering v. Chicago Stock Yards Co.Supreme Court of the United States · 1943
- Trico Products Corp. v. Com'r of Internal RevenueCourt of Appeals for the Second Circuit · 1943
3Cited by10 opinions
- The Smoot Sand & Gravel Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1957
- Sears Oil Co., Inc., on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Second Circuit · 1966
- Kerr-Cochran, Incorporated, a Nebraska Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1958
- World Pub. Co. v. United StatesCourt of Appeals for the Tenth Circuit · 1948
- E. L. Bride, Individually, and E. L. Bride, Transferee, and E. L. Bride Company by E. L. Bride, Trustee v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1955
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