Schenley Industries, Inc. v. Commissioner
United States Tax Court
1. Held: Park & Tilford Import Corp. qualifies for relief under section 722(b)(4) of the 1939 Code. Determination made of a fair and just amount representing normal earnings to be used in the taxpayer's constructive average base period net income. 2. Held, further, Park & Tilford Distillers Corp. not entitled to relief under section 722(b)(4). 3. Held, further, Bonnie Bros. not entitled to relief under section 722(b)(4) or (b)(5). 4. Held, further, Park & Tilford Distillery,…
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1. Held: Park & Tilford Import Corp. qualifies for relief under section 722(b)(4) of the 1939 Code. Determination made of a fair and just amount representing normal earnings to be used in the taxpayer's constructive average base period net income. 2. Held, further, Park & Tilford Distillers Corp. not entitled to relief under section 722(b)(4). 3. Held, further, Bonnie Bros. not entitled to relief under section 722(b)(4) or (b)(5). 4. Held, further, Park & Tilford Distillery, Inc., not entitled to relief under section 722(c).
1Opinion of the Court
Schenley Industries, Inc., a Corporation, Successor by Merger to Park & Tilford Distillers Corporation, Successor by Merger to Park & Tilford Import Corporation, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Schenley Industries, Inc. v. Commissioner
Docket Nos. 40964, 40965, 40966, 40967
United States Tax Court
42 T.C. 129; 1964 U.S. Tax Ct. LEXIS 118;
April 15, 1964, Filed
Decisions will be entered under Rule 50.
1. Held: Park & Tilford Import Corp. qualifies for relief under section 722(b)(4) of the 1939 Code. Determination made of a fair and just amount representing…
2Cases cited39 opinions
- United States v. Memphis Cotton Oil Co.Supreme Court of the United States · 1933
- United States v. KalesSupreme Court of the United States · 1941
- Angelus Milling Co. v. CommissionerSupreme Court of the United States · 1945
- Tucker v. AlexanderSupreme Court of the United States · 1927
- United States v. Garbutt Oil Co.Supreme Court of the United States · 1938
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