A. C. Burton & Co. v. Commissioner
United States Tax Court
An acquiring corporation, a general automobile dealership, under the facts, held, entitled to include in its base period net income the income from the handling of installment notes which were received in payment for cars sold during the base period.
1Opinion of the Court
OPINION.
Johnson, Judge:
The United States Court of Appeals for tne Fifth Circuit determined in A. C. Burton & Co. v. Commissioner, 190 F. 2d 115, reversing 14 T. C. 290, that A. C. Burton & Company, the petitioner herein, which had acquired substantially all of the properties of a sole proprietorship, was an “acquiring corporation” within the provisions of section 740 (a) (1) (D) of the Code. This determination was contrary to the contention of the respondent and to. our prior opinion. Respondent, however, alternatively contended on brief that if petitioner was an acquiring corporation the…
2Cases cited2 opinions
- A. C. Burton & Co. v. CommissionerUnited States Tax Court · 1950
- A. C. Burton & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
3Cited by1 opinion
- A. C. Burton & Co. v. CommissionerUnited States Tax Court · 1952