F. E. McGillick Co. v. Commissioner
United States Tax Court
Petitioner's 1955 Federal income tax return was not filed until January 31, 1957. Petitioner's president, for practical purposes, controlled both petitioner and a foundation which owned petitioner and received its income. He regarded both as tax exempt.
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Petitioner's 1955 Federal income tax return was not filed until January 31, 1957. Petitioner's president, for practical purposes, controlled both petitioner and a foundation which owned petitioner and received its income. He regarded both as tax exempt. After the Commissioner determined that petitioner was not tax exempt, petitioner, upon advice of counsel, filed a late return for 1955. Also, upon advice of counsel, petitioner reported its 1955 real estate sales on the installment basis. Held: Petitioner is entitled to report its gain on the sale of its real estate in 1955 on the installment…
1Opinion of the Court
FisheR, Judge:
In his notice of deficiency, respondent determined a deficiency in petitioner’s Federal income tax for the taxable year ended December 31, 1955, in the amount of $54,164.16 and additions to tax in the amount of $15,883.18 for such year under section 6651(a) of the Internal Revenue Code of 1954.1
The deficiency is based upon respondent’s determination that petitioner forfeited its right to elect the installment method of reporting-sales of real estate in 1955 when it failed to file a timely return for that year.
Petitioner lias conceded liability under section '6651 for additions…
2Cases cited17 opinions
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
- Thrift v. CommissionerUnited States Tax Court · 1950
- Reaver v. CommissionerUnited States Tax Court · 1964
- Bayley v. CommissionerUnited States Tax Court · 1960
- S. Nicholas Jacobs and Dolores I. Jacobs v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1955
12 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Harper v. CommissionerUnited States Tax Court · 1970
- Silver Queen Motel v. CommissionerUnited States Tax Court · 1971
- National Western Life Ins. Co. v. CommissionerUnited States Tax Court · 1970
- Gibson v. CommissionerUnited States Tax Court · 1987
- Griffin v. CommissionerUnited States Tax Court · 1965
9 more not listed; retrieve them via the Exa API.