Warrensburg Bd. & Paper Corp. v. Commissioner
United States Tax Court
Petitioner filed a valid subch. S election in its taxable year immediately preceding the taxable year in which it realized a long-term capital gain by reason of an involuntary conversion resulting from a fire. On its return for the year in which the gain was realized, petitioner misrepresented the fact that its subch. S election had not been in effect for at least 3 years preceding the year in which the capital gain was realized.
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Petitioner filed a valid subch. S election in its taxable year immediately preceding the taxable year in which it realized a long-term capital gain by reason of an involuntary conversion resulting from a fire. On its return for the year in which the gain was realized, petitioner misrepresented the fact that its subch. S election had not been in effect for at least 3 years preceding the year in which the capital gain was realized. Petitioner's net capital gain exceeded $ 25,000 and 50 percent of its taxable income for the taxable year in issue, and petitioner's taxable income exceeded $ 25,000…
1Opinion of the Court
OPINION
Nims, Judge:
For the taxable year ending June 30, 1975, respondent determined a deficiency of $37,871 in petitioner’s income tax and an addition to tax under section 6653(a)1 in the amount of $1,894. The issues for decision are: (1) Whether petitioner is subject to the tax imposed by section 1378 as a result of a capital gain it realized from an involuntary conversion; and (2) whether petitioner is liable for the addition to tax under section 6653(a).
The facts in this case were fully stipulated. The stipulation and the exhibits attached thereto are incorporated herein by reference.
Petiti…
2Cases cited4 opinions
- George Van Camp & Sons Co. v. American Can Co.Supreme Court of the United States · 1929
- Bunnel v. CommissionerUnited States Tax Court · 1968
- Pullman, Inc. v. CommissionerUnited States Tax Court · 1947
- Wesley Heat Treating Co. v. CommissionerUnited States Tax Court · 1958
3Cited by38 opinions
- Service Bolt & Nut Co. Profit Sharing Trust v. CommissionerUnited States Tax Court · 1982
- Carlson v. CommissionerUnited States Tax Court · 1982
- Robinson v. Comm'rUnited States Tax Court · 2002
- Bassett v. CommissionerUnited States Tax Court · 1993
- Mariani Frozen Foods, Inc. v. CommissionerUnited States Tax Court · 1983
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