S. Loewenstein & Son v. Commissioner
United States Tax Court
1. Public Law No. 88 was enacted on June 23, 1945. It provided that slaughterers of livestock who had received extra compensation (subsidy) payments when ineligible therefor should be relieved, in whole or in part, of the obligation to make repayment where the Director of Economic Stabilization, or any Government agency authorized by him, determined that the slaughterer reasonably and in good faith had believed that he was eligible to receive such payments and that it would…
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1. Public Law No. 88 was enacted on June 23, 1945. It provided that slaughterers of livestock who had received extra compensation (subsidy) payments when ineligible therefor should be relieved, in whole or in part, of the obligation to make repayment where the Director of Economic Stabilization, or any Government agency authorized by him, determined that the slaughterer reasonably and in good faith had believed that he was eligible to receive such payments and that it would be inequitable to require repayment. Thereafter during 1945 the petitioner in good faith filed claims for, and received…
1Opinion of the Court
OPINION.
Withey, Judge:
The first question for determination is whether the subsidies, amounting to $66,655.06, actually received by petitioner in 1945 for the months of July, August, and September of that year and which were never repaid constituted taxable income to the petitioner for 1945. The petitioner contends that since the credit balances in the account of A & P on certain days during the months of July, August, and September 1945 were in excess of 5 per cent of its total balances for the respective months, it was ineligible to receive the subsidies for those months and that it was so…
2Cases cited9 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Healy v. CommissionerSupreme Court of the United States · 1953
- United States v. LewisSupreme Court of the United States · 1951
- Baltimore Transfer Co. v. CommissionerUnited States Tax Court · 1947
4 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- La Salle National Bank v. CommissionerUnited States Tax Court · 1954
- S. Loewenstein & Son, a Michigan Corporation v. Commissioner of Internal Revenue, Pespondent. Commissioner of Internal Revenue v. S. Loewenstein & Son, a Michigan CorporationCourt of Appeals for the Sixth Circuit · 1955
- La Salle Nat'l Bank v. CommissionerUnited States Tax Court · 1954
- S. Loewenstein & Son v. CommissionerCourt of Appeals for the Sixth Circuit · 1955
- La Salle Nat'l Bank v. CommissionerUnited States Tax Court · 1954
1 more not listed; retrieve them via the Exa API.