Feeders Supply Co. v. Commissioner
United States Board of Tax Appeals
1. Under the facts of this proceeding, held that during the year 1917, petitioner was engaged in a trade or business having an invested capital which was more than a nominal capital, and is therefore not entitled to have its profits tax for that year computed under the provisions of section 209 of the Revenue Act of 1917. 2. Certain notes held not to have been bona fide paid in for stock or shares, under section 326(a) of the Revenue Act of 1918.
1Opinion of the Court
*844OPINION.
Teammell :
The facts of this proceeding, as set out in our findings hereinabove, are not in dispute. The parties differ only in the application of the law thereto, and under the pleadings, two issues of such nature are presented for decision here.
First issue. Is petitioner entitled, for those parts of the fiscal years ended in 1917 and 1918 falling within the calendar year 1917, to have its profits tax computed under the provisions of section 209 of the Revenue Act of 1917?
Petitione# made its tax returns on the basis of fiscal years ended June 30, and contends that for the parts of the…
2Cases cited5 opinions
- De Laski & Thropp Circular Woven Tire Co. v. IredellDistrict Court, D. New Jersey · 1920
- Iredell v. De Laski & Thropp Circular Woven Tire Co.Court of Appeals for the Third Circuit · 1923
- Lincoln Chemical Co. v. EdwardsCourt of Appeals for the Second Circuit · 1923
- Cartier v. DoyleCourt of Appeals for the Sixth Circuit · 1921
- R. H. Martin, Inc. v. EdwardsDistrict Court, S.D. New York · 1922
3Cited by2 opinions
- Briggs-Weaver Mach. Co. v. CommissionerUnited States Board of Tax Appeals · 1929
- Feeders Supply Co. v. CommissionerUnited States Board of Tax Appeals · 1927