F. E. McGillick Co. v. Commissioner
United States Tax Court
1. Trust required to accumulate current income and providing for future payment of gifts, annuities, taxes of grantor, and other purposes benefiting private individuals, held, not exempt under section 101 (6), I. R. C. 1939, and, held, further, not entitled to deduction for income devoted to charity under section 162 (a), I. R. C. 1939. 2. Corporation organized to engage in business for profit, held, not exempt under section 101 (6), I. R. C. 1939. 3. Respondent's…
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1. Trust required to accumulate current income and providing for future payment of gifts, annuities, taxes of grantor, and other purposes benefiting private individuals, held, not exempt under section 101 (6), I. R. C. 1939, and, held, further, not entitled to deduction for income devoted to charity under section 162 (a), I. R. C. 1939. 2. Corporation organized to engage in business for profit, held, not exempt under section 101 (6), I. R. C. 1939. 3. Respondent's disallowance of deduction for salaries and determination that gain on exchange was corporate income, held, approved. 4. On the…
1Opinion of the Court
In these consolidated proceedings respondent determined the following deficiencies:
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By amended answer respondent seeks an increased deficiency against the Foundation in income tax and addition to tax for the year 1952 in the respective amounts of $12,126.48 and $3,031.62, making total deficiencies claimed for that year against that petitioner in the respective amounts of $22,218.32 and $5,554.58.
The issues are:(1) Whether the Francis Edward McGillick Foundation was an organization exempt from income taxes within the purview of section 101 (6), I. R. G. 1939, during the years 1949…
Also in this document: Per curiam.
2Cases cited47 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Helvering v. HorstSupreme Court of the United States · 1940
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
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3Cited by19 opinions
- Durovic v. CommissionerUnited States Tax Court · 1970
- Marko Durovic v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1973
- Knollwood Memorial Gardens v. CommissionerUnited States Tax Court · 1966
- Arcade Realty Co. v. CommissionerUnited States Tax Court · 1960
- F. E. McGillick Co. v. CommissionerUnited States Tax Court · 1964
14 more not listed; retrieve them via the Exa API.