Wellman Operating Corp. v. Commissioner
United States Tax Court
Held, petitioner was availed of during the taxable years for the purpose of preventing imposition of surtax upon its shareholders by permitting earnings and profits to accumulate instead of being divided or distributed. Sec. 102, I.R.C. 1939.
1Opinion of the Court
Wellman Operating Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Wellman Operating Corp. v. Commissioner
Docket No. 63326
United States Tax Court
33 T.C. 162; 1959 U.S. Tax Ct. LEXIS 47;
October 30, 1959, Filed
Decision will be entered for the respondent.
Held, petitioner was availed of during the taxable years for the purpose of preventing imposition of surtax upon its shareholders by permitting earnings and profits to accumulate instead of being divided or distributed. Sec. 102, I.R.C. 1939.
Mark M. Horblit, Esq., for the petitioner.
William T. Holloran, Esq., for the…
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