C. Blake McDowell, Inc. v. Commissioner
United States Tax Court
Petitioner, a personal holding company, paid deficiency dividends partly in cash and partly in other property which had a fair market value in excess of its adjusted basis in petitioner's hands.
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Petitioner, a personal holding company, paid deficiency dividends partly in cash and partly in other property which had a fair market value in excess of its adjusted basis in petitioner's hands. Held, sec. 1.562-1(a), Income Tax Regs., providing that the measure of the dividends-paid deduction for purposes of the personal holding company tax is the adjusted basis of the property, is valid, following Fulman v. United States, 545 F.2d 268 (1st Cir. 1976). Held, further, despite the foregoing, the Court is required to hold for petitioner herein in view of H. Wetter Manufacturing Co. v. United…
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined the following deficiencies representing personal holding company taxes asserted to be due from petitioner:
Year Deficiency
1972. $12,504.18
1973. 58,740.42
This matter is before the Court on petitioner’s motion for judgment on the pleadings. Respondent has admitted all facts alleged in the petition. A hearing on petitioner’s motion was conducted by Special Trial Judge Lehman C. Aarons and the Court has had the benefit of his analysis in reaching its decision.
Petitioner is a corporation organized under the laws of Ohio, with its principal office in…
2Cases cited8 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. CartwrightSupreme Court of the United States · 1973
- Ivan Allen Co. v. United StatesSupreme Court of the United States · 1975
- The H. Wetter Manufacturing Company v. United StatesCourt of Appeals for the Sixth Circuit · 1972
3 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Fulman v. United StatesSupreme Court of the United States · 1978
- Gulf Inland Corporation v. United StatesCourt of Appeals for the Fifth Circuit · 1978
- C. Blake McDowell, Inc. v. CommissionerUnited States Tax Court · 1978
- C. Blake McDowell Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1978
- C. Blake McDowell, Inc. v. CommissionerUnited States Tax Court · 1978
2 more not listed; retrieve them via the Exa API.