Gutierrez v. Commissioner
United States Tax Court
Petitioner became a resident alien on Mar. 1, 1961, and held this status through Dec. 31, 1961. His foreign personal holding company operated on a fiscal year ended Aug. 31, 1961. Held, that under sec. 551(b), I.R.C. 1954, the portion of the taxable income of the foreign personal holding company allocable to that part of its fiscal year during which petitioner was a nonresident alien is not includable in petitioner's gross income for 1961 as undistributed foreign personal…
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Petitioner became a resident alien on Mar. 1, 1961, and held this status through Dec. 31, 1961. His foreign personal holding company operated on a fiscal year ended Aug. 31, 1961. Held, that under sec. 551(b), I.R.C. 1954, the portion of the taxable income of the foreign personal holding company allocable to that part of its fiscal year during which petitioner was a nonresident alien is not includable in petitioner's gross income for 1961 as undistributed foreign personal holding company income. Marsman v. Commissioner, 205 F. 2d 335 (C.A. 4, 1953), reversing 18 T.C. 1 (1952) on this issue,…
1Opinion of the Court
OPINION
Dawson, Judge:
Respondent determined a deficiency of $88,146.71 in tbe income tax of petitioner for tlie year 1961.
In Ms reply brief respondent has conceded that accrued bond interest of $52,751.31 need not be included in the gross income of either petitioner or Gulf Stream Investment Co., Ltd., his foreign personal holding company. Thus the two issues remaining for decision are: (1) Whether under section 551(b), I.R.C. 1954,1 petitioner, a resident alien, must include in his gross income the entire amount of Gulf Stream’s undistributed foreign personal holding company income for its…
2Cases cited7 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Marsman v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1953
- Marsman v. CommissionerUnited States Tax Court · 1952
- Eder v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1943
- Eder v. CommissionerUnited States Board of Tax Appeals · 1942
2 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Zuanich v. CommissionerUnited States Tax Court · 1981
- Estate of Petschek v. CommissionerUnited States Tax Court · 1983
- Busse v. CommissionerUnited States Tax Court · 1972
- Glass v. CommissionerUnited States Tax Court · 1981
- Mariani Frozen Foods, Inc. v. CommissionerUnited States Tax Court · 1983
12 more not listed; retrieve them via the Exa API.