Tide Water Oil Co. v. Commissioner
United States Board of Tax Appeals
1. Where a corporation owns 85 percent of the stock of another corporation, and the remainder is owned by individuals some of whom are also owners of about 3 percent of the stock of the former, and there is no enforceable control of the remainder, the two corporations are not affiliated, within section 240(b)(1), Revenue Act of 1918, since ownership of 85 percent is not ownership of substantially all of the stock. 2. Where 2,000 persons own in the aggregate 97 percent of the…
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1. Where a corporation owns 85 percent of the stock of another corporation, and the remainder is owned by individuals some of whom are also owners of about 3 percent of the stock of the former, and there is no enforceable control of the remainder, the two corporations are not affiliated, within section 240(b)(1), Revenue Act of 1918, since ownership of 85 percent is not ownership of substantially all of the stock. 2. Where 2,000 persons own in the aggregate 97 percent of the stock of one corporation and none of the stock of another corporation, and the former corporation owns 85 percent of…
1Opinion of the Court
OPINION.
MuRdock :
By a notice of deficiency dated May 26, 1928, the Commissioner notified the Tide Water Oil Co. that the determination of its tax liability for the years 1918 and 1919 disclosed deficiencies of $3,443,702.74 for 1918 and $332,790.30 for 1919. In the pleadings a number of assignments of error were made, but the parties have now agreed upon all matters in controversy save two. The Board is asked to decide whether or not the petitioner was affiliated with Tidal during the year 1918 and, if it was not affiliated, whether or not it is estopped to deny such affiliation either by…
2Cases cited19 opinions
- Merchants' Bank v. State BankSupreme Court of the United States · 1871
- Sturm v. BokerSupreme Court of the United States · 1893
- United States v. HodsonSupreme Court of the United States · 1870
- Town of South Ottawa v. PerkinsSupreme Court of the United States · 1877
- Handy & Harman v. BurnetSupreme Court of the United States · 1931
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3Cited by36 opinions
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- Massaglia v. CommissionerUnited States Tax Court · 1959
- Gaylord v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1946
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