Apollo Industries, Inc. v. Commissioner
United States Tax Court
The petitioner's predecessor was engaged in the business of manufacturing cigars. It also processed some of the tobacco used in its cigars. New machinery for the manufacture of a new product known as "reconstituted tobacco" was being developed and it was the plan of the predecessor corporation to acquire and incorporate such equipment into its operations when it was perfected and to expand its plant to accommodate such added operation.
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The petitioner's predecessor was engaged in the business of manufacturing cigars. It also processed some of the tobacco used in its cigars. New machinery for the manufacture of a new product known as "reconstituted tobacco" was being developed and it was the plan of the predecessor corporation to acquire and incorporate such equipment into its operations when it was perfected and to expand its plant to accommodate such added operation. For each of the taxable years herein the corporation accumulated all of its earnings and profits, which it is here claimed were required for the purchase of…
1Opinion of the Court
Apollo Industries, Inc., Successor to A & F, Inc. (Formerly Alles & Fisher, Inc.), Petitioner, v. Commissioner of Internal Revenue, Respondent
Apollo Industries, Inc. v. Commissioner
Docket No. 723-63
United States Tax Court
44 T.C. 1; 1965 U.S. Tax Ct. LEXIS 106;
April 2, 1965, Filed
Decision will be entered under Rule 50.
The petitioner's predecessor was engaged in the business of manufacturing cigars. It also processed some of the tobacco used in its cigars. New machinery for the manufacture of a new product known as "reconstituted tobacco" was being developed and it was the plan of the…
2Cases cited10 opinions
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Dixie, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1960
- The Smoot Sand & Gravel Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1957
- Dixie, Inc. v. CommissionerUnited States Tax Court · 1958
- J. L. Goodman Furniture Co. v. CommissionerUnited States Tax Court · 1948
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