Square D Co. v. Comm'r
United States Tax Court
P, an accrual method taxpayer, is a U.S. corp. and subs. wholly owned by S, a foreign corp. P accrued but did not pay interest owed to S and another related foreign person during 1991 and 1992 and claimed deductions of such accrued interest in those years. R disallowed any deduction in a year prior to the year the interest was actually paid and relies on sec. 1.267(a)-3, Income Tax Regs., in support of his position.
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P, an accrual method taxpayer, is a U.S. corp. and subs. wholly owned by S, a foreign corp. P accrued but did not pay interest owed to S and another related foreign person during 1991 and 1992 and claimed deductions of such accrued interest in those years. R disallowed any deduction in a year prior to the year the interest was actually paid and relies on sec. 1.267(a)-3, Income Tax Regs., in support of his position. Held, the instant case raises the identical issue decided in Tate & Lyle, Inc. v. Commissioner, 103 T.C. 656 (1994), revd. and remanded 87 F.3d 99 (3d Cir. 1996), of whether sec.…
1Opinion of the Court
SQUARE D COMPANY AND SUBSIDIARIES, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Square D Co. v. Comm'r
No. 6067-97
United States Tax Court
118 T.C. 299; 2002 U.S. Tax Ct. LEXIS 15; 118 T.C. No. 15;
March 27, 2002, Filed
Section 1.267(a)-3, Income tax Regs. was a valid exercise of regulatory authority granted in section 267(a)(3) and does not violate Article 24(3) of the 1967 Treaty.
P, an accrual method taxpayer, is a U.S. corp. and subs.
wholly owned by S, a foreign corp. P accrued but did not pay
interest owed to S and another related foreign person during
1991 and 1992 and claimed…
Also in this document: Dissent · Whalen; Dissent · Ruwe.
2Cases cited16 opinions
- Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc.Supreme Court of the United States · 1984
- Food & Drug Administration v. Brown & Williamson Tobacco Corp.Supreme Court of the United States · 2000
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Whitney v. RobertsonSupreme Court of the United States · 1888
- Holly Farms Corp. v. National Labor Relations BoardSupreme Court of the United States · 1996
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