Joyce v. Commissioner
United States Tax Court
1. Held, that more than 20 percent of the 1959 gross receipts of Farmingdale, a corporation wholly owned by the petitioner, was derived from personal holding company income and that, pursuant to the provisions of section 1372(e)(5) of the Internal Revenue Code of 1954, Farmingdale's election not to be subject to the taxes imposed by chapter 1 of the Code was terminated, and that accordingly the petitioner is not entitled to deduct Farmingdale's net operating loss for the…
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1. Held, that more than 20 percent of the 1959 gross receipts of Farmingdale, a corporation wholly owned by the petitioner, was derived from personal holding company income and that, pursuant to the provisions of section 1372(e)(5) of the Internal Revenue Code of 1954, Farmingdale's election not to be subject to the taxes imposed by chapter 1 of the Code was terminated, and that accordingly the petitioner is not entitled to deduct Farmingdale's net operating loss for the taxable year 1959. 2. Held, further, that the gains on sales of certain stock which the petitioner deposited with a bank as…
1Opinion of the Court
AtkiNS, Judge:
The respondent determined deficiencies in income tax for the taxable years 1958 and 1959 in the respective amounts of $12,100.21 and $46,012.20.
One of the issues raised by the pleadings having been settled by the parties, the remaining principal issues are (1) whether gains on sales of Unexcelled Chemical Corp. stock in 1959 were properly reported in the gross income of Farmingdale Manufacturing Corp., a corporation wholly owned by petitioner (rather than in his own gross income), thereby terminating the corporation’s election not to be subject to the taxes imposed by chapter 1…
2Cases cited14 opinions
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- United States v. New YorkSupreme Court of the United States · 1942
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