Southland Steel Co. v. War Contracts Price Adjustment Board
United States Tax Court
Southland Steel Co. is the trade name of an unincorporated business conducted by petitioner Agnes Gillespie. The Southland Steel Co. was a subcontractor of a corporation whose majority stock was owned by Agnes Gillespie's half-brothers.
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Southland Steel Co. is the trade name of an unincorporated business conducted by petitioner Agnes Gillespie. The Southland Steel Co. was a subcontractor of a corporation whose majority stock was owned by Agnes Gillespie's half-brothers. Agnes Gillespie was also a minority stockholder, director and vice president of the corporation at the time she received the subcontract, owning about 4 per cent of the corporation's stock, and the business dealings between the petitioner and the corporation were based on informal oral agreements. Held, under the facts that petitioner was not under the control…
1Opinion of the Court
OPINION.
Black, Judge-.
The basic question here is whether Southland is subject to renegotiation under thje provisions of thé Renegotiation Act of 1943. Petitioner contends that it is not subject to renegotiation under section 403 (c) (6) of the act1 because the amounts received by it for the 10-month period here involved .did not exceed $416,666.66 (1%2 of $500,000). It is stipulated that petitioner’s sales for the 10-month period were $240,548.94. It is also stipulated that Butane, in its fiscal years ended September 30, 1944 and 1945, reported sales subject to renegotiation in the respective…
2Cases cited1 opinion
- Callahan v. War Contracts Price Adjustment BoardUnited States Tax Court · 1949
3Cited by7 opinions
- Warner v. War Contracts Price Adjustment BoardUnited States Tax Court · 1950
- Moening v. War Contracts Price Adjustment BoardUnited States Tax Court · 1950
- Moening & Heckmann v. War Contracts Price Adjustment BoardUnited States Tax Court · 1950
- Zarkin v. United StatesUnited States Tax Court · 1958
- Moening & Heckmann v. War Contracts Price Adjustment BoardUnited States Tax Court · 1950
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