Peoples Gin Co. v. Commissioner
United States Board of Tax Appeals
The petitioner was organized under the general corporation laws of the State of Mississippi for the purpose of purchasing and operating a public cotton gin. Among its patrons were stockholders and nonstockholders and the charge for cotton ginned was the same to all patrons.
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The petitioner was organized under the general corporation laws of the State of Mississippi for the purpose of purchasing and operating a public cotton gin. Among its patrons were stockholders and nonstockholders and the charge for cotton ginned was the same to all patrons. After the ginning season was over and after the profits here in question had been earned, the stockholders adopted bylaws providing that the net profits of petitioner allocable to cotton ginned for the said stockholders should be divided between them in proportion to the number of bales of cotton ginned for each…
1Opinion of the Court
PEOPLES GIN COMPANY, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Peoples Gin Co. v. Commissioner
Docket No. 87370.
United States Board of Tax Appeals
41 B.T.A. 343; 1940 BTA LEXIS 1195;
February 14, 1940, Promulgated
The petitioner was organized under the general corporation laws of the State of Mississippi for the purpose of purchasing and operating a public cotton gin. Among its patrons were stockholders and nonstockholders and the charge for cotton ginned was the same to all patrons. After the ginning season was over and after the profits here in question had been earned,…
2Cases cited6 opinions
- Fruit Growers Supply Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Farmers' Union Co-Op. Ass'n v. CommissionerUnited States Board of Tax Appeals · 1928
- Joseph Goodnow & Co. v. CommissionerUnited States Board of Tax Appeals · 1927
- Farmers Union Cooperative Co. v. CommissionerUnited States Board of Tax Appeals · 1935
- Trego County Cooperative Asso. v. CommissionerUnited States Board of Tax Appeals · 1927
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