Legal Opinion
Motor Fuel Carriers, Inc. v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided September 30, 1977No. 76-1038PublishedCited by 24 opinions
1Opinion of the Court
GODBOLD, Circuit Judge:
This is an accumulated earnings tax case. 26 U.S.C. §§ 531 et seq. The government determined deficiencies in taxpayer’s income tax for years 1968, 1969 and 1970 of roughly $59,000, $63,000 and $51,000, respectively. The Tax Court upheld these determinations. We reverse.
Most of the facts have been stipulated. Taxpayer Motor Fuel Carriers, Inc. (MFC) is a Florida close corporation whose business is highway transportation of petroleum products. John S. Espy bought MFC in 1946, shortly after its being chartered. Together with members of his family, Espy owns almost all the…
2Cases cited14 opinions
- The Smoot Sand & Gravel Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- The Smoot Sand & Gravel Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1957
- Faber Cement Block Co. v. CommissionerUnited States Tax Court · 1968
- Ivan Allen Co. v. United StatesSupreme Court of the United States · 1975
- Barrow Manufacturing Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1961
9 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Rutter v. CommissionerUnited States Tax Court · 1983
- J.H. Rutter Rex Mfg. Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1988
- Hughes, Inc. v. CommissionerUnited States Tax Court · 1988
- Proctor v. CommissionerUnited States Tax Court · 1981
- Estate of Lucas v. CommissionerUnited States Tax Court · 1979
19 more not listed; retrieve them via the Exa API.