Tide Water Oil Co. v. Commissioner
United States Board of Tax Appeals
1. Where a corporation owns 85 percent of the stock of another corporation, and the remainder is owned by individuals some of whom are also owners of about 3 percent of the stock of the former, and there is no enforceable control of the remainder, the two corporations are not affiliated, within section 240(b)(1), Revenue Act of 1918, since ownership of 85 percent is not ownership of substantially all of the stock. 2. Where 2,000 persons own in the aggregate 97 percent of the…
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1. Where a corporation owns 85 percent of the stock of another corporation, and the remainder is owned by individuals some of whom are also owners of about 3 percent of the stock of the former, and there is no enforceable control of the remainder, the two corporations are not affiliated, within section 240(b)(1), Revenue Act of 1918, since ownership of 85 percent is not ownership of substantially all of the stock. 2. Where 2,000 persons own in the aggregate 97 percent of the stock of one corporation and none of the stock of another corporation, and the former corporation owns 85 percent of…
1Dissent
Seawell,
dissenting: I disagree with the conclusion reached in reference to the issue of estoppel.
It is said in Hector v. Mann, 225 Mo. 228; 124 S.W. 1109, cited in the opinion:
* * * There are estoppels and estoppels, and some forms of them are so defined by law writers and jurists as to make one element in the estoppel *1226the knowledge and reliance of one party upon the acts and conduct of the other; for instance, estoppel in pais, arising from misrepresentation by word, act, conduct, or silence. But there are other forms of estoppel in which knowledge of the fact upon the part of the person…
2Cases cited25 opinions
- Casey v. GalliSupreme Court of the United States · 1877
- Daniels v. TearneySupreme Court of the United States · 1880
- Shutte v. ThompsonSupreme Court of the United States · 1873
- Swain v. SeamansSupreme Court of the United States · 1870
- Handy & Harman v. BurnetSupreme Court of the United States · 1931
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