Anderson Dairy, Inc. v. Commissioner
United States Tax Court
In 1954, due to the poor health of petitioner Searles, Searles and his partner, petitioner Ferguson, decided to sell their partnership dairy business. While trying to sell their business, they came in contact with representatives of University Hill Foundation, a tax-exempt foundation. The Foundation representatives expressed an interest in the partnership business and eventually an agreement was entered into.
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In 1954, due to the poor health of petitioner Searles, Searles and his partner, petitioner Ferguson, decided to sell their partnership dairy business. While trying to sell their business, they came in contact with representatives of University Hill Foundation, a tax-exempt foundation. The Foundation representatives expressed an interest in the partnership business and eventually an agreement was entered into. Pursuant to the agreement, Searles and Ferguson transferred the partnership assets to the Foundation in consideration for $ 15,000 cash plus a non-interest-bearing note in the amount of…
1Opinion of the Court
Fay, Judge:
Respondent determined deficiencies in petitioners’ income taxes for the years and in the amounts as follows:
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As to the individual petitioners, the only issue for decision is whether the gain realized by petitioners upon the disposition of certain assets used in their trade or business is taxable as long-term capital gain, as reported by the petitioners, or is taxable as ordinary income, as determined by the respondent.
As to the corporate petitioner, there are two issues for decision: First, whether the petitioner Anderson Dairy, Inc., is entitled to deduct as rent any…
2Cases cited10 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Wall v. United StatesCourt of Appeals for the Fourth Circuit · 1947
- Place v. CommissionerUnited States Tax Court · 1951
- Dean v. CommissionerUnited States Tax Court · 1961
- Davis v. CommissionerUnited States Tax Court · 1956
5 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Commissioner v. BrownSupreme Court of the United States · 1965
- Harvey Jacobson and Marcia Jacobson v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1990
- West Los Angeles Institute for Cancer Research v. Ward MayerCourt of Appeals for the Ninth Circuit · 1966
- University Hill Foundation v. CommissionerUnited States Tax Court · 1969
- Royal Farms Dairy Co. v. CommissionerUnited States Tax Court · 1963
21 more not listed; retrieve them via the Exa API.