Greenvine Corp. v. Commissioner
United States Tax Court
Petitioner, a California corporation, purchased certain revolving fund credits at a discount from Culbertson, an agricultural cooperative packing house. Such credits had been acquired by Culbertson as a member of ELPC, a cooperative marketing association which produced and marketed lemon byproducts for its members.
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Petitioner, a California corporation, purchased certain revolving fund credits at a discount from Culbertson, an agricultural cooperative packing house. Such credits had been acquired by Culbertson as a member of ELPC, a cooperative marketing association which produced and marketed lemon byproducts for its members. In accordance with established industry practice, ELPC retained specific sums from the proceeds of members' fruit processed through the cooperative to acquire funds with which to operate its business. As additional funds were acquired so that the total amount of the fund exceeded…
1Opinion of the Court
Dawson, Judge;
Respondent determined deficiencies in the income tax of petitioner as follows:
Fiscal year ended: Deficiency
June 30, 1956_$4,770.39
June 30, 1957_ 2, 611.00
June 30, 1958_ 2,244. 60
The only issue is whether the “revolution” of revolving fund credits held by a purchaser for value constitutes a “sale or exchange” within the capital gains provisions of the Internal Revenue Code of 1954.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
Greenvine Corp. (hereinafter referred to as petitioner), which is privately owned, was incorporated under the laws of the State of…
2Cases cited11 opinions
- Long Poultry Farms, Incorporated v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1957
- Commissioner of Internal Revenue v. B. A. CarpenterCourt of Appeals for the Fifth Circuit · 1955
- Carpenter v. CommissionerUnited States Tax Court · 1953
- Gerard v. HelveringCourt of Appeals for the Second Circuit · 1941
- Richard T. Graham v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
6 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Atwood Grain & Supply Co. v. CommissionerUnited States Tax Court · 1973
- Gold Kist v. CommissionerUnited States Tax Court · 1995
- Atwood Grain & Supply Co. v. CommissionerUnited States Tax Court · 1973
- Gold Kist v. CommissionerUnited States Tax Court · 1995
- Greenvine Corp. v. CommissionerUnited States Tax Court · 1963