Estate of Hugh Smith v. Commissioner
United States Tax Court
Held, that respondent erred in increasing the decedent's closing inventory when he made no corresponding adjustment of his opening inventory for 1939. Held, that respondent erred in increasing the decedent's taxable income by certain amounts, for the periods involved, as long-term capital gains derived from distributions out of capital of Hugh Smith, Inc.
1Opinion of the Court
Estate of Hugh Smith, Deceased, the First National Bank of Memphis, Executor v. Commissioner.
Estate of Hugh Smith v. Commissioner
Docket No. 8425.
United States Tax Court
1947 Tax Ct. Memo LEXIS 259; 6 T.C.M. (CCH) 358; T.C.M. (RIA) 47083;
March 31, 1947
Held, that respondent erred in increasing the decedent's closing inventory when he made no corresponding adjustment of his opening inventory for 1939.
Held, that respondent erred in increasing the decedent's taxable income by certain amounts, for the periods involved, as long-term capital gains derived from distributions out of capital of Hugh…
2Cases cited4 opinions
- Hugh Smith, Inc. v. CommissionerUnited States Tax Court · 1947
- Thomas Shoe Co. v. CommissionerUnited States Board of Tax Appeals · 1924
- Reuben H. Donnelley Corp. v. CommissionerUnited States Board of Tax Appeals · 1931
- Sinsheimer Bros., Inc. v. CommissionerUnited States Board of Tax Appeals · 1926