Alvord v. Commissioner
United States Tax Court
1. Patenotre owned 95 per cent of the shares of Hekor, a Canadian corporation, whose assets consisted of securities held for its account in New York City by Hutton & Co. On September 29, 1949, Patenotre assigned the 9,500 shares to the Treasury as security for substantial tax liabilities of his and his mother's for the years 1931 to 1949, inclusive, in consideration for tax clearance to leave the United States.
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1. Patenotre owned 95 per cent of the shares of Hekor, a Canadian corporation, whose assets consisted of securities held for its account in New York City by Hutton & Co. On September 29, 1949, Patenotre assigned the 9,500 shares to the Treasury as security for substantial tax liabilities of his and his mother's for the years 1931 to 1949, inclusive, in consideration for tax clearance to leave the United States. On October 26, 1949, Patenotre agreed to assign at some future date the 9,500 shares to petitioner, a United States citizen "free and clear of any prior liabilities and assignment" for…
1Opinion of the Court
OPINION.
Black, Judge:
The question involved in these proceedings is whether the Commissioner was correct in including 95 per cent of the undistributed Supplement P net income of Hekor, a Canadian corporation, for the years 1951, 1953, and 1954,2 in the gross income of petitioner, a United States citizen, for those years.
The Commissioner’s determinations were made pursuant to Supplement P (secs. 331-340) 3 which generally taxes United States shareholders on their proportionate part of the undistributed Supplement P net income of a foreign personal holding company. A foreign personal holding…
2Cases cited7 opinions
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Marsman v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1953
- Marsman v. CommissionerUnited States Tax Court · 1952
- Eder v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1943
- Eder v. CommissionerUnited States Board of Tax Appeals · 1942
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Gutierrez v. CommissionerUnited States Tax Court · 1969
- Alvord v. CommissionerUnited States Tax Court · 1959
- Gutierrez v. CommissionerUnited States Tax Court · 1969