Legal Opinion
Centel Communications Co. v. Commissioner
Court of Appeals for the Seventh Circuit
Decided December 17, 1990No. 89-3650PublishedCited by 7 opinions
1Opinion of the Court
CUMMINGS, Circuit Judge.
The Tax Court held that Centel Communications Company (“Centel”) was not entitled to deduct on its 1980 return the value of stock warrants issued to three of its stockholders in 1978 and exercised by them in 1980. At the same time, the Tax Court held that the three stockholders had no additional income when they exercised their warrants in 1980. We affirm.
I. BACKGROUND
Fisk Telephone Systems (“Fisk”), the predecessor of Centel, was formed by Lloyd K. Davis, Rex B. Grey and Fisk Electric Co. (“Electric”) in 1971 to engage in the business of selling, leasing and…
2Cases cited24 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Seligman v. CommissionerUnited States Tax Court · 1985
- Owensby & Kritikos, Inc. v. CommissionerCourt of Appeals for the Fifth Circuit · 1987
- Estate of Goodall v. CommissionerCourt of Appeals for the Eighth Circuit · 1968
- Pagel, Inc. v. CommissionerUnited States Tax Court · 1988
19 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Fort Howard Corp. v. CommissionerUnited States Tax Court · 1994
- National Association Of Life Underwriters, Inc. v. Commissioner Of Internal RevenueCourt of Appeals for the D.C. Circuit · 1994
- Centel Communications Company v. Commissioner Of Internal RevenueCourt of Appeals for the Seventh Circuit · 1990
- Forest R. Preston v. Comm. of Internal RevenueCourt of Appeals for the Eleventh Circuit · 2000
- Forest R. Preston v. Comm. of Internal RevenueCourt of Appeals for the Eleventh Circuit · 2000
2 more not listed; retrieve them via the Exa API.