Legal Opinion
Planet Line, Inc. v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided April 5, 1937No. 203PublishedCited by 9 opinions
1Opinion of the Court
CHASE, Circuit Judge.
The petitioner was incorporated in 1923 and entered into an operating agreement with Planet Steamship Corporation- covering seven cargo vessels owned by the latter. Petitioner’s due and timely performance of the agreement was guaranteed by Seas Shipping Company, Inc., which owned all the outstanding capital stock of the petitioner.
The contract was duly performed by petitioner, that being the only business it conducted, until it was canceled in 1930 by mutual agreement, at which time the petitioner received a substantial sum as its consideration for the cancellation, and…
2Cases cited4 opinions
- Niles Bement Pond Co. v. United StatesSupreme Court of the United States · 1930
- Aluminum Castings Co. v. RoutzahnSupreme Court of the United States · 1930
- Miller & Vidor Lumber Co. v. Com'r of Internal RevenueCourt of Appeals for the Fifth Circuit · 1930
- Badgley v. COMMISSIONER OF INTERNAL REVENUECourt of Appeals for the Second Circuit · 1932
3Cited by9 opinions
- Prabel v. CommissionerUnited States Tax Court · 1988
- Cecil v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1939
- Cities Service Company, Plaintiff-Appellee-Appellant v. United States of America, Defendant-Appellant-AppelleeCourt of Appeals for the Second Circuit · 1975
- Bien v. CommissionerUnited States Tax Court · 1953
- Cedar Rapids Engineering Co. v. United StatesDistrict Court, N.D. Iowa · 1949
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