Tandy Corp. v. Commissioner
United States Tax Court
During its fiscal year ending June 30, 1975, petitioner was a large publicly held corporation with substantial operations in electronics, leather goods, and handicrafts. On June 30, 1975, petitioner transferred its leather goods and handicrafts operations to two new wholly owned corporations. Among the assets transferred were certain items of sec. 38 property.
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During its fiscal year ending June 30, 1975, petitioner was a large publicly held corporation with substantial operations in electronics, leather goods, and handicrafts. On June 30, 1975, petitioner transferred its leather goods and handicrafts operations to two new wholly owned corporations. Among the assets transferred were certain items of sec. 38 property. In November 1975, petitioner distributed the stock of these corporations to its shareholders in completion of a reorganization described in sec. 368(a)(1)(D). Held, petitioner's transfer of its leather goods and handicrafts operations…
1Opinion of the Court
WHITAKER, Judge:
By statutory notice dated January 15, 1987, respondent determined a deficiency in petitioner’s Federal income tax for its fiscal year ending June 30, 1975, in the amount of $40,066. In its petition, petitioner claimed an overpayment of tax for that year.1 After concessions, the sole remaining issue is whether section 47(a)2 requires petitioner to recapture in fiscal year 1975 a portion of the credit allowed in prior yéars pursuant to section 38.
FINDINGS OF FACT
Some of the facts are stipulated and are so found. The stipulation and attached exhibits are incorporated by this…
2Cases cited9 opinions
- Fribourg Navigation Co. v. CommissionerSupreme Court of the United States · 1966
- Stark v. CommissionerUnited States Tax Court · 1986
- Penrod v. CommissionerUnited States Tax Court · 1987
- Lawrence B. Sheppard and Charlotte N. Sheppard v. The United StatesUnited States Court of Claims · 1966
- Curtis T. Busse and Myrtle Busse v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1973
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