Dougherty v. Commissioner
United States Tax Court
Held, that a U.S. shareholder of a controlled foreign corporation must include in gross income his pro rata share of such corporation's increase in earnings invested in U.S. property for the taxable year to the extent of the corporation's current and accumulated earnings and profits, including earnings and profits accumulated prior to the effective date of subpart F, I.R.C. 1954. Held, further, there is no constitutional bar to such operation of the statute.
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Held, that a U.S. shareholder of a controlled foreign corporation must include in gross income his pro rata share of such corporation's increase in earnings invested in U.S. property for the taxable year to the extent of the corporation's current and accumulated earnings and profits, including earnings and profits accumulated prior to the effective date of subpart F, I.R.C. 1954. Held, further, there is no constitutional bar to such operation of the statute. Held, further, the taxable year of the controlled foreign corporation herein is determined to be the calendar year for purposes of…
1Opinion of the Court
Albert L. and Charlotte K. Dougherty, Petitioners v. Commissioner of Internal Revenue, Respondent
Dougherty v. Commissioner
Docket No. 2400-69
United States Tax Court
60 T.C. 917; 1973 U.S. Tax Ct. LEXIS 57; 60 T.C. No. 97;
September 18, 1973, Filed
Decision will be entered under Rule 50.
Held, that a U.S. shareholder of a controlled foreign corporation must include in gross income his pro rata share of such corporation's increase in earnings invested in U.S. property for the taxable year to the extent of the corporation's current and accumulated earnings and profits, including earnings and profits…
2Cases cited52 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Corliss v. BowersSupreme Court of the United States · 1930
- Brushaber v. Union Pacific RailroadSupreme Court of the United States · 1916
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
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