V & M Homes, Inc. v. Commissioner
United States Tax Court
Petitioner and Cherry Gardens Apartments, Inc., are corporations which were owned equally and controlled by H. F. Van Nieuwenhuyze and W. W. Mink during the period involved. Superior Construction Company was an equal partnership between Mink and Vann. In 1951, petitioner entered into a contract with Cherry Gardens to furnish the land and construct a 50-unit apartment for $ 300,000 based upon an estimate made by Mink.
Read the full summary
Petitioner and Cherry Gardens Apartments, Inc., are corporations which were owned equally and controlled by H. F. Van Nieuwenhuyze and W. W. Mink during the period involved. Superior Construction Company was an equal partnership between Mink and Vann. In 1951, petitioner entered into a contract with Cherry Gardens to furnish the land and construct a 50-unit apartment for $ 300,000 based upon an estimate made by Mink. Petitioner subcontracted the construction work to Superior for the same amount. Superior exhausted its available funds prior to completion and petitioner furnished additional…
1Opinion of the Court
Bruce, Judge:
The respondent determined deficiencies in the income tax of the petitioner as follows:
[[Image here]]
The only question for decision is whether the petitioner sustained an allowable loss for the fiscal year ended November 30, 1952.
FINDINGS OF FACT.
Some of the facts have been stipulated and are found as facts and incorporated herein by this reference. The petitioner, V & M Homes, Inc., was incorporated on December 10, 1949, under the laws of the State of Tennessee, for the purpose of engaging in construction work. It filed its income tax returns on a fiscal year basis ending…
2Cases cited7 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Burnet v. HoustonSupreme Court of the United States · 1931
- Grenada Industries, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1953
- Asiatic Petroleum Co. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1935
- Crown Cork International Corp. v. CommissionerUnited States Tax Court · 1944
2 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Huber Homes, Inc. v. CommissionerUnited States Tax Court · 1971
- Long Corporation v. The United StatesUnited States Court of Claims · 1962
- Long Corp. v. United StatesUnited States Court of Claims · 1962
- Baldwin Bros. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1966
- Baldwin Brothers, Inc. v. Commissioner Of Internal RevenueCourt of Appeals for the Third Circuit · 1966
7 more not listed; retrieve them via the Exa API.