Legal Opinion
J. C. Penney Company, Transferee v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided December 12, 1962No. Cal. 64, Docket 27611PublishedCited by 99 opinions
1Opinion of the Court
FRIENDLY, Circuit Judge.
This petition for review presents the rare case in which it is as clear as anything ever can be that Congress did not mean what in strict letter it said. The contretemps arose through a cross-reference in a section inserted in the Internal Revenue Code of 1954 during a late stage of its passage. Relying on the letter, petitioner asserts that its wholly owned subsidiary, which sold real estate in 1954, prior to enactment of the Code, for a gain of $1,808,632.05 that would have been taxable to the subsidiary as the law stood at the time, and which thereafter liquidated…
2Cases cited14 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
- United States v. DickersonSupreme Court of the United States · 1940
9 more not listed; retrieve them via the Exa API.
3Cited by99 opinions
- Sundstrand Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1994
- Huntsberry v. CommissionerUnited States Tax Court · 1984
- Reese v. CommissionerUnited States Tax Court · 1966
- Norton J. Lehman v. Dow Jones & Company, Inc.Court of Appeals for the Second Circuit · 1986
- Charles River Park "A", Inc. v. Department of Housing & Urban DevelopmentCourt of Appeals for the D.C. Circuit · 1975
94 more not listed; retrieve them via the Exa API.