Adams v. Commissioner
United States Tax Court
On May 30, 1978, our findings of fact and an opinion were filed in this case (70 T.C. 373 (1978)), which, in part, sustained respondent's determination that petitioner was subject to a 5-percent excise tax, individually and as transferee of Automatic Accounting Co., under sec. 4941(a)(1), I.R.C. 1954, for certain acts of self-dealing which occurred between a private foundation and petitioner and Automatic Accounting Co. With respect to the same acts of self-dealing,…
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On May 30, 1978, our findings of fact and an opinion were filed in this case (70 T.C. 373 (1978)), which, in part, sustained respondent's determination that petitioner was subject to a 5-percent excise tax, individually and as transferee of Automatic Accounting Co., under sec. 4941(a)(1), I.R.C. 1954, for certain acts of self-dealing which occurred between a private foundation and petitioner and Automatic Accounting Co. With respect to the same acts of self-dealing, respondent also asserted deficiencies in tax under sec. 4941(b)(1). The above-noted opinion did not address petitioner's…
1Dissent · TannenwaldTannenwald, J.
I agree with Judge Simpson that we should construe the statutory provisions in question in a manner that carries out congressional intent, but I think there is a better method than that outlined in his dissent for dealing with the disposition of the issue of the second-level tax.
The difficulty arises, as the majority points out, from the fact that the literal language of the statute provides for the imposition of a second-level tax if the act of self-dealing is not corrected, but the period during which the correction must be made does not end until our decision as to such tax becomes final,…
Also in this document: Dissent · Simpson.
2Cases cited17 opinions
- Cohen v. Beneficial Industrial Loan Corp.Supreme Court of the United States · 1949
- National Labor Relations Board v. Jones & Laughlin Steel Corp.Supreme Court of the United States · 1937
- Gillespie v. United States Steel Corp.Supreme Court of the United States · 1964
- Markham v. CabellSupreme Court of the United States · 1946
- Armstrong Paint & Varnish Works v. Nu-Enamel Corp.Supreme Court of the United States · 1938
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