F. E. McGillick Co. v. Commissioner
United States Tax Court
1. Trust required to accumulate current income and providing for future payment of gifts, annuities, taxes of grantor, and other purposes benefiting private individuals, held, not exempt under section 101 (6), I. R. C. 1939, and, held, further, not entitled to deduction for income devoted to charity under section 162 (a), I. R. C. 1939. 2. Corporation organized to engage in business for profit, held, not exempt under section 101 (6), I. R. C. 1939. 3. Respondent's…
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1. Trust required to accumulate current income and providing for future payment of gifts, annuities, taxes of grantor, and other purposes benefiting private individuals, held, not exempt under section 101 (6), I. R. C. 1939, and, held, further, not entitled to deduction for income devoted to charity under section 162 (a), I. R. C. 1939. 2. Corporation organized to engage in business for profit, held, not exempt under section 101 (6), I. R. C. 1939. 3. Respondent's disallowance of deduction for salaries and determination that gain on exchange was corporate income, held, approved. 4. On the…
1Opinion of the Court
F. E. McGillick Company, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
F. E. McGillick Co. v. Commissioner
Docket Nos. 54088, 54089, 54090, 55479, 55480, 55481, 55482, 57819, 57820
United States Tax Court
30 T.C. 1130; 1958 U.S. Tax Ct. LEXIS 98;
August 21, 1958, Filed
Decisions will be entered under Rule 50.
1. Trust required to accumulate current income and providing for future payment of gifts, annuities, taxes of grantor, and other purposes benefiting private individuals, held, not exempt under section 101 (6), I. R. C. 1939, and, held, further, not entitled to deduction…
Also in this document: Per curiam.
2Cases cited48 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Helvering v. HorstSupreme Court of the United States · 1940
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
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