Howell Turpentine Co. v. Commissioner
United States Tax Court
1. A sale of land held to be a sale made by the corporation petitioner and not by stockholders as individuals and as distributees of assets received in liquidation of their corporation. Expenses of sale allowed as deduction to corporation as vendor of the land. 2. Interest was paid, and claim made that it was a proper addition to cost basis of unproductive land as capitalized carrying charge.
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1. A sale of land held to be a sale made by the corporation petitioner and not by stockholders as individuals and as distributees of assets received in liquidation of their corporation. Expenses of sale allowed as deduction to corporation as vendor of the land. 2. Interest was paid, and claim made that it was a proper addition to cost basis of unproductive land as capitalized carrying charge. Held, addition of interest to cost basis denied, for lack of proof, and in part because of inclusion thereof in deduction in determining net income. 3. Refund of social security taxes paid by taxpayer in…
1Opinion of the Court
OPINION.
Disney, Judge'.
Issue 1. Sale of 53¿^8£8 acres of land. — The negotiations leading to the sale of the land to the National Co. and the steps taken in consummating it are set forth in detail in the findings of fact. The respondent contends that, while the transaction, in form, was a liquidation of the petitioner Turpentine Co. and a sale of the land by its stockholders, it was, in substance and effect, a sale by the corporation. The Turpentine Co. contends that the sale was, both in form and substance, a sale by its stockholders as individuals, and cites particularly Falcon Co., 41 B.…
2Cases cited15 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Griffiths v. CommissionerSupreme Court of the United States · 1939
- Court Holding Co. v. CommissionerUnited States Tax Court · 1943
- De La Vergne Refrigerating MacHine Co. v. German Savings InstitutionSupreme Court of the United States · 1899
- In re Wm. S. Butler & Co.Court of Appeals for the First Circuit · 1913
10 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Dean v. CommissionerUnited States Tax Court · 1961
- D. Loveman & Son Export Corp. v. CommissionerUnited States Tax Court · 1960
- Acampo Winery & Distilleries, Inc. v. CommissionerUnited States Tax Court · 1946
- Greenspun v. CommissionerUnited States Tax Court · 1979
- Howell Turpentine Co. v. Commissioner of Internal Rev.Court of Appeals for the Fifth Circuit · 1947
18 more not listed; retrieve them via the Exa API.