Faber Cement Block Co. v. Commissioner
United States Tax Court
Petitioner's liquid assets were fully committed to the reasonable needs of its business, as reflected in sufficiently definite plans for expansion and working capital requirements, to justify the retention of its entire accumulation of earnings and profits during 1961, 1962, and 1963. Consequently, petitioner was not liable for the surtax imposed by sec. 531, I.R.C. 1954.
1Opinion of the Court
Tannenwald, Judge:
Respondent determined deficiencies in accumulated earnings taxes for the taxable years 1961,1962, and 1963 in the respective amounts of $50,928.91, $34,317.22, and $55,824.07. The sole question for our consideration is whether petitioner was availed of for the purpose of avoiding Federal income taxes with respect to its shareholders.
FINDINGS OF FACT
Some of tlie facts Rave been stipulated. Those facts and the exhibits attached thereto are hereby incorporated by this reference.
Petitioner, Faber Cement Block Co., Inc. (hereinafter referred to as Faber Block), is a New Jersey…
2Cases cited26 opinions
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