Hiawatha Home Builders, Inc. v. Commissioner
United States Tax Court
1. Held, that sale of property to petitioner was a "transfer" of property as that term is used in section 15(c) of the 1939 Code and section 1551 of the 1954 Code. 2. Held: That petitioner has established by the clear preponderance of the evidence that a major purpose of such transfer was not the securing of surtax exemption or minimum excess profits credit. Respondent's disallowance of such exemption and credit is accordingly disapproved.
1Opinion of the Court
PieRoe, Judge:
The respondent determined deficiencies in the income taxes of the petitioner, as follows:
Fiscal year ended Mar. SI— Deficiency
1954_$8,107.99
1955_ 5, 500. 00
1956_ 5, 500. 00
The issues presented for decision are:(1) Whether there was a “transfer” of property to the petitioner in 1951, within the meaning of that term as used in section 15(c) of the Internal Revenue Code of 1939 and in the cognate provisions of section 1551 of the Internal Revenue Code of 1954.(2) Whether, if there was such a “transfer” of property, a major purpose thereof was the securing of the surtax exemption…
2Cases cited4 opinions
- Theatre Concessions, Inc. v. CommissionerUnited States Tax Court · 1958
- Coastal Oil Storage Company, and v. Commissioner of Internal Revenue, AndCourt of Appeals for the Fourth Circuit · 1957
- Sno-Frost, Inc. v. CommissionerUnited States Tax Court · 1959
- Coastal Oil Storage Co. v. CommissionerUnited States Tax Court · 1956
3Cited by15 opinions
- Bush Hog Mfg. Co. v. CommissionerUnited States Tax Court · 1964
- Beacon Auto Radiator Repair Co. v. CommissionerUnited States Tax Court · 1969
- New England Foundry Corp. v. CommissionerUnited States Tax Court · 1965
- Challenger, Inc. v. CommissionerUnited States Tax Court · 1964
- Pre-Mixed Concrete, Inc. v. CommissionerUnited States Tax Court · 1962
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