Virginia Stevedoring Corp. v. Commissioner
United States Tax Court
Since petitioner did not acquire before December 1, 1950, substantially all the properties (other than cash) of three other corporations here involved, it is held that petitioner is not a "purchasing corporation" within the meaning of section 474 (a) of the Internal Revenue Code of 1939, and is, therefore, not entitled to use the base period experience of the said three corporations in computing its excess profits credits for the years in question.
1Opinion of the Court
Virginia Stevedoring Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Virginia Stevedoring Corp. v. Commissioner
Docket Nos. 61343, 68831
United States Tax Court
30 T.C. 996; 1958 U.S. Tax Ct. LEXIS 116;
July 31, 1958, Filed
Decisions will be entered for the respondent.
Since petitioner did not acquire before December 1, 1950, substantially all the properties (other than cash) of three other corporations here involved, it is held that petitioner is not a "purchasing corporation" within the meaning of section 474 (a) of the Internal Revenue Code of 1939, and is, therefore, not…
2Cases cited5 opinions
- Daniels Buick, Inc. v. CommissionerUnited States Tax Court · 1956
- Daniels Buick, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
- Pillar Rock Packing Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1937
- Crater Lake Machinery Co. v. CommissionerUnited States Tax Court · 1957
- Virginia Stevedoring Corp. v. CommissionerUnited States Tax Court · 1958