Coastal Oil Storage Co. v. Commissioner
United States Tax Court
1. Secs. 15 (c) and 129, I. R. C. 1939 -- Disallowance of Surtax Exemption and Minimum Excess Profits Credit. -- Petitioner acquired storage tanks from its parent for stock and notes on organization at February 1, 1951. Its taxable year was the period February 1 to June 30, 1951. Respondent's disallowance of exemption and credit under section 15 (c) in the computation of tentative tax under section 108 (g) (2), relating to the portion of the taxable year after March 31,…
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1. Secs. 15 (c) and 129, I. R. C. 1939 -- Disallowance of Surtax Exemption and Minimum Excess Profits Credit. -- Petitioner acquired storage tanks from its parent for stock and notes on organization at February 1, 1951. Its taxable year was the period February 1 to June 30, 1951. Respondent's disallowance of exemption and credit under section 15 (c) in the computation of tentative tax under section 108 (g) (2), relating to the portion of the taxable year after March 31, 1951, held proper on failure of the petitioner to establish by the clear preponderance of the evidence that the securing of…
1Opinion of the Court
OPINION.
Atkins, Judge:
In determining the deficiency for the taxable period from February 1, to June 30, 1951, which was the petitioner’s first taxable year, the respondent disallowed the $25,000 exemption from surtax provided in section 15 (b) of the Internal Eevenue Code of 1939, and the $25,000 minimum excess profits credit provided in section 431 of that Code, relying upon section 15 (c)1 of the Code which was added by section 121 (f) of the Eevenue Act of 1951. The propriety of those disallowances is the sole issue.
On brief the respondent states that section 15 (c) has no application to…
2Cases cited1 opinion
- Commodores Point Terminal Corp. v. CommissionerUnited States Tax Court · 1948
3Cited by17 opinions
- Thomas E. Snyder Sons Co. v. CommissionerUnited States Tax Court · 1960
- Coastal Oil Storage Company, and v. Commissioner of Internal Revenue, AndCourt of Appeals for the Fourth Circuit · 1957
- Kessmar Constr. Co. v. CommissionerUnited States Tax Court · 1963
- Hiawatha Home Builders, Inc. v. CommissionerUnited States Tax Court · 1961
- Cronstroms Mfg., Inc. v. CommissionerUnited States Tax Court · 1961
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