Asiatic Petroleum Co. v. Commissioner
United States Board of Tax Appeals
Petitioner, a domestic corporation, whose stock was owned by two foreign corporations, sold property at cost to a foreign corporation whose stock was owned by the two foreign corporations that owned petitioner's stock. The foreign purchaser immediately sold the property to a domestic corporation at a substantial profit. Held, that it was proper for respondent to apply the provisions of section 45 of the Revenue Act of 1928 and allocate the profit to petitioner.
1Opinion of the Court
*1154OPINION.
Aeundell:
In addition to the facts stipulated, the parties have stipulated that, if the respondent erred in applying section 45 of the Bevenue Act of 1928, there is no deficiency determinable against the petitioner for 1929; if he did not err in so doing, the deficiency for that year is $303,083. Section 45 is set out in the margin.1
Petitioner assails the determination of the respondent from two angles. First, that section 45 does not apply to the facts in this case, and, second, that if it does authorize the assessment proposed by the respondent it is unconstitutional.
Section 45 has…
2Cases cited7 opinions
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- Milliken v. United StatesSupreme Court of the United States · 1931
- United States v. Emery, Bird, Thayer Realty Co.Supreme Court of the United States · 1915
- Hoeper v. Tax Comm'n of Wis.Supreme Court of the United States · 1931
- Zonne v. Minneapolis SyndicateSupreme Court of the United States · 1911
2 more not listed; retrieve them via the Exa API.
3Cited by40 opinions
- Nat Harrison Assoc., Inc. v. CommissionerUnited States Tax Court · 1964
- Foster v. Comm'rUnited States Tax Court · 1983
- Bush Hog Mfg. Co. v. CommissionerUnited States Tax Court · 1964
- Huber Homes, Inc. v. CommissionerUnited States Tax Court · 1971
- Hospital Corp. of America v. CommissionerUnited States Tax Court · 1983
35 more not listed; retrieve them via the Exa API.