Pacific Affiliate, Inc. v. Commissioner
United States Tax Court
1. Items includible in petitioner's borrowed invested capital, determined. 2. Status of certain securities held and sold by petitioner during taxable years, determined. 3. Period determined over which the premium paid for certain Federal Land Bank bonds purchased and sold in 1943 is amortizable. 4. Whether or not certain dividends received during taxable years are excluded from petitioner's excess profits net income, determined. 5. Contracts to purchase or to sell certain…
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1. Items includible in petitioner's borrowed invested capital, determined. 2. Status of certain securities held and sold by petitioner during taxable years, determined. 3. Period determined over which the premium paid for certain Federal Land Bank bonds purchased and sold in 1943 is amortizable. 4. Whether or not certain dividends received during taxable years are excluded from petitioner's excess profits net income, determined. 5. Contracts to purchase or to sell certain corporate securities when, as and if issued, held, properly recognizable as individual assets on a "gross basis" in…
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The parties have, by stipulation, made certain concessions and have eliminated various items from controversy. These concessions and stipulations will be reflected in a recomputation under Rule 50. The ten questions remaining will be considered in the sequence set out in the preface to the Findings of Fact.
We first consider whether the petitioner’s margin account liability to Bear, Stearns is allowable as borrowed invested capital within the meaning the section 719, Internal Revenue Code.2
During the years under review, petitioner maintained a margin account through…
2Cases cited12 opinions
- Higgins v. SmithSupreme Court of the United States · 1940
- Stern Bros. & Co. v. CommissionerUnited States Tax Court · 1951
- Wood v. CommissionerUnited States Tax Court · 1951
- Hart-Bartlett-Sturtevant Grain Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1950
- Brewster Shirt Corp. v. CommissionerCourt of Appeals for the Second Circuit · 1947
7 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Pacific Affiliate, Inc. v. CommissionerUnited States Tax Court · 1952