Legal Opinion
SEC CORPORATION v. United States
District Court, S.D. New York
Decided March 8, 1956PublishedCited by 21 opinions
1Opinion of the Court
PALMIERI, District Judge.
The plaintiff, a Delaware corporation, is engaged in the business of leasing and selling electric water, beer and frosted food coolers. It brings this- action to recover alleged overpayments in income taxes for -the years 1947 and 1948. The taxes were paid on profits realized from used coolers held for at least six months and sold to lessees while in their possession under standard rental agreements. The sole issue is whether these profits are taxable as ordinary income or long term capital gains.
■Although the- bulk of its. business has consisted of rentals, plaintiff…
2Cases cited12 opinions
- Galena Oaks Corporation v. Frank Scofield, Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1954
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
- Rollingwood Corp. v. Commissioner of Internal Revenue. Bohannon v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1951
- Home Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1954
- Friend v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1952
7 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- E. I. Du Pont De Nemours and Company v. United StatesUnited States Court of Claims · 1961
- Estate of Finder v. CommissionerUnited States Tax Court · 1961
- American Can Company v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. American Can CompanyCourt of Appeals for the Second Circuit · 1963
- American Can Co. v. CommissionerUnited States Tax Court · 1961
- Hollywood Baseball Ass'n v. CommissionerUnited States Tax Court · 1964
16 more not listed; retrieve them via the Exa API.