Hewlett-Packard Co. & Consolidated Subsidiaries v. Commissioner
United States Tax Court
The parties cross-moved for partial summary judgment on whether P was required, as asserted by R, to include nonsales income, including dividends, interest, rent, and other income, in its "average annual gross receipts" for purposes of calculating its I.R.C. sec. 41 research credits for taxable years 1999 through 2001. Held: P was required to include such amounts in its "average annual gross receipts" in determining available research credits for the taxable years at issue.
Read the full summary
The parties cross-moved for partial summary judgment on whether P was required, as asserted by R, to include nonsales income, including dividends, interest, rent, and other income, in its "average annual gross receipts" for purposes of calculating its I.R.C. sec. 41 research credits for taxable years 1999 through 2001. Held: P was required to include such amounts in its "average annual gross receipts" in determining available research credits for the taxable years at issue. Accordingly, we will grant R's motion on this matter.
1Opinion of the Court
OPINION
Goeke, Judge:
In two statutory notices of deficiency respondent disallowed in part credits for increasing research activities pursuant to section 41 1 claimed by petitioner, Hewlett-Packard Co. & Consolidated Subsidiaries (HP), for taxable years 1999 through 2003. Following concessions and stipulations, the parties cross-moved for partial summary judgment on two issues:(1) whether HP was required to include intercompany gross receipts received from controlled foreign corporations (CFCs), within the meaning of section 41(f)(5), in its “average annual gross receipts” (AAGR) when…
2Cases cited26 opinions
- Food & Drug Administration v. Brown & Williamson Tobacco Corp.Supreme Court of the United States · 2000
- Davis v. Michigan Department of the TreasurySupreme Court of the United States · 1989
- United States National Bank v. Independent Insurance Agents of America, Inc.Supreme Court of the United States · 1993
- Brown v. GardnerSupreme Court of the United States · 1994
- Hughes Aircraft Co. v. JacobsonSupreme Court of the United States · 1999
21 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Yari v. CommissionerUnited States Tax Court · 2014
- Shea Homes, Inc. v. CommissionerUnited States Tax Court · 2014
- Howard Hughes Co., LLC v. Comm'rUnited States Tax Court · 2014
- Howard Hughes Co., LLC v. Comm'rUnited States Tax Court · 2014
- Shea Homes, Inc. And Subsidiaries v. CommissionerUnited States Tax Court · 2014
4 more not listed; retrieve them via the Exa API.