Growers Credit Corp. v. Commissioner
United States Tax Court
1. Corporation organized to finance crop operations of members and other fruit producers in area, held, not exempt under section 101(13), I.R.C. 1939. 2. Deposits of 5 cents per box of fruit sold by borrower-stockholders to indemnify lending corporation against credit and operating losses, held, not taxable income to corporation in year of receipt.
1Opinion of the Court
Growers Credit Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Growers Credit Corp. v. Commissioner
Docket No. 60562
United States Tax Court
33 T.C. 981; 1960 U.S. Tax Ct. LEXIS 196;
February 29, 1960, Filed
Decision will be entered under Rule 50.
1. Corporation organized to finance crop operations of members and other fruit producers in area, held, not exempt under section 101(13), I.R.C. 1939.
2. Deposits of 5 cents per box of fruit sold by borrower-stockholders to indemnify lending corporation against credit and operating losses, held, not taxable income to corporation in…
2Cases cited22 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Luckenbach v. W. J. McCahan Sugar Refining Co.Supreme Court of the United States · 1918
- Heiner v. Colonial Trust Co.Supreme Court of the United States · 1927
- Automobile Club of New York, Inc. v. CommissionerUnited States Tax Court · 1959
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