Legal Opinion
Colonial Fabrics, Inc. v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided February 16, 1953No. 22352_1PublishedCited by 47 opinions
1Opinion of the Court
CLARK, Circuit Judge.
The sole issue presented to us on this petition contesting a deficiency assessment of excess profits taxes arises by reason of a difference in valuation of property received by taxpayer in payment for 200 shares of its non-par value stock and constituting '“equity invested capital” for tax assessment purposes. I.R.C. § 718, 26 U.S. C. The value set by the taxpayer and supported throughout by it was $100,000; this figure was reduced by respondent to $30,000 and the Tax Court has sustained this reduction. Because of this and certain other adjustments, the decision below…
2Cases cited8 opinions
- Guggenheim v. HelveringCourt of Appeals for the Second Circuit · 1941
- Rookwood Pottery Co. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1930
- Maytag v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1951
- Sioux City Stock Yards Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1932
- Estate of Guggenheim v. CommissionerSupreme Court of the United States · 1941
3 more not listed; retrieve them via the Exa API.
3Cited by47 opinions
- Stanley Works v. CommissionerUnited States Tax Court · 1986
- Etta Potson Bodoglau, Administratrix of the Estate of Michael Potson, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1956
- John Gatling v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1961
- Tennessee Carolina Transp., Inc. v. CommissionerUnited States Tax Court · 1975
- Latendresse v. CommissionerUnited States Tax Court · 1956
42 more not listed; retrieve them via the Exa API.