Shubert v. Commissioner
United States Tax Court
E. F. G. Corporation, a cash basis taxpayer, did not file a personal holding company return for 1948. Respondent's agent proposed deficiencies in 1948 income and personal holding company taxes and a penalty for failure to file a personal holding company return upon audit of income tax return, to which corporation did not agree.
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E. F. G. Corporation, a cash basis taxpayer, did not file a personal holding company return for 1948. Respondent's agent proposed deficiencies in 1948 income and personal holding company taxes and a penalty for failure to file a personal holding company return upon audit of income tax return, to which corporation did not agree. At the end of 1955, taxpayer had not executed waiver and consent to assessments or requested any assessment; agent's final report had not been made; no assessments of any deficiencies or of any interest had been made. In 1956, petitioner executed Form 870, the agent…
1Opinion of the Court
OPINION
The question is whether the corporation’s remittance of $20,000 to the district director on December 30, 1955, designated “interest on 1948 income tax,” prior to the assessment of taxes and interest, constituted payment of interest for the purpose of a deduction under section 163(a), 1954 Code. The amount tendered in advance of assessment was deposited by the district director in a suspense account.
Kespondent’s position is that the remittance prior to assessments of the deficiencies and interest 'did not constitute payment of interest, but was a mere deposit pending the determination…
2Cases cited9 opinions
- Rosenman v. United StatesSupreme Court of the United States · 1945
- Lewyt Corp. v. CommissionerSupreme Court of the United States · 1955
- Lewyt Corp. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1954
- United States v. Dubuque Packing Company, a Corporation, Dubuque Packing Company, a Corporation v. United StatesCourt of Appeals for the Eighth Circuit · 1956
- Budd Company v. United StatesCourt of Appeals for the Third Circuit · 1957
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3Cited by8 opinions
- Perkins v. CommissionerUnited States Tax Court · 1989
- Cohen v. United StatesUnited States Court of Claims · 1991
- Southwest Exploration Co. v. RiddellCourt of Appeals for the Ninth Circuit · 1966
- Dowell v. CommissionerUnited States Tax Court · 1980
- Southwest Exploration Co. v. RiddellCourt of Appeals for the Ninth Circuit · 1966
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