Asphalt Industries, Inc. v. Commissioner
United States Tax Court
T corporation received checks in payment for certain sales made by it. The president of the corporation, who dominated its affairs and who owned 50 percent of its stock, diverted the proceeds of those checks to his own use with the connivance of another officer who owned no stock. Both were directors and devoted full time to the business of the corporation.
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T corporation received checks in payment for certain sales made by it. The president of the corporation, who dominated its affairs and who owned 50 percent of its stock, diverted the proceeds of those checks to his own use with the connivance of another officer who owned no stock. Both were directors and devoted full time to the business of the corporation. The owner of the remaining 50 percent of the stock was also an officer and director, but he spent only a minor portion of his time on the corporation's business and was unaware of these sales and of the diversion of the proceeds to the…
1Opinion of the Court
TRe Commissioner determined deficiencies in income tax against tRe petitioner for tRe fiscal years ended tRe last day of February 1955-60 as follows:
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At issue is whether Asphalt Industries, Inc., filed false and fraudulent returns with intent to evade taxes in each of the years in question, and whether it sustained theft losses in all or any of those years.
STNDINGS OP PACT
The facts stipulated by the parties together with accompanying exhibits are incorporated herein by this reference.
Asphalt Industries, Inc. (hereinafter referred to as Asphalt), is a corporation organized on May…
2Cases cited9 opinions
- Federbush v. CommissionerUnited States Tax Court · 1960
- Auerbach Shoe Co. v. CommissionerUnited States Tax Court · 1953
- Auerbach Shoe Company v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1954
- Currier v. United StatesCourt of Appeals for the First Circuit · 1948
- United Dressed Beef Co. v. CommissionerUnited States Tax Court · 1955
4 more not listed; retrieve them via the Exa API.
3Cited by35 opinions
- Asphalt Industries, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1967
- American Lithofold Corp. v. CommissionerUnited States Tax Court · 1971
- Asphalt Industries, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1969
- Marine v. CommissionerUnited States Tax Court · 1989
- Mazzocchi Bus Co. v. CommissionerUnited States Tax Court · 1993
30 more not listed; retrieve them via the Exa API.