Henry Van Hummell, Inc. v. Commissioner
United States Tax Court
Petitioner, a family-owned corporation engaged in the business of representing a group for insurance purposes and acting as an insurance agent for insurance companies, retained a substantial portion of its earnings and profits for the years 1956 through 1959. It had previously accumulated a large earned surplus over a period of years. During this period petitioner paid substantial dividends and large salaries and bonuses to its stockholder-officers.
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Petitioner, a family-owned corporation engaged in the business of representing a group for insurance purposes and acting as an insurance agent for insurance companies, retained a substantial portion of its earnings and profits for the years 1956 through 1959. It had previously accumulated a large earned surplus over a period of years. During this period petitioner paid substantial dividends and large salaries and bonuses to its stockholder-officers. It also made substantial loans to an unaffiliated, inactive corporation, owned by the same family, of which it later acquired control. Held: The…
1Opinion of the Court
Henry Van Hummell, Inc. v. Commissioner.
Henry Van Hummell, Inc. v. Commissioner
Docket No. 94312.
United States Tax Court
T.C. Memo 1964-290; 1964 Tax Ct. Memo LEXIS 49; 23 T.C.M. (CCH) 1765; T.C.M. (RIA) 64290;
November 5, 1964
Petitioner, a family-owned corporation engaged in the business of representing a group for insurance purposes and acting as an insurance agent for insurance companies, retained a substantial portion of its earnings and profits for the years 1956 through 1959. It had previously accumulated a large earned surplus over a period of years. During this period petitioner paid…
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3Cited by2 opinions
- Henry Van Hummell, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1966
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