Hug Co. v. War Contracts Price Adjustment Board
United States Tax Court
The petitioner's president and general manager, who had renegotiable sales during his and the petitioner's concurrent fiscal year in excess of $ 1,800,000, controlled the meetings of the petitioner's stockholders, controlled its board of directors, caused its war contracts to be transferred to him without payment therefor, and at will used its liquid assets for his personal advantage.
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The petitioner's president and general manager, who had renegotiable sales during his and the petitioner's concurrent fiscal year in excess of $ 1,800,000, controlled the meetings of the petitioner's stockholders, controlled its board of directors, caused its war contracts to be transferred to him without payment therefor, and at will used its liquid assets for his personal advantage. Held, that the petitioner was under the control of its president and general manager within the meaning of section 403 (c) (6) of the Renegotiation Act and that it was subject to renegotiation under the…
1Opinion of the Court
The Hug Company, a Corporation, Petitioner, v. War Contracts Price Adjustment Board, Respondent
Hug Co. v. War Contracts Price Adjustment Board
Docket No. 754-R
United States Tax Court
14 T.C. 621; 1950 U.S. Tax Ct. LEXIS 224;
April 18, 1950, Promulgated
The petitioner's president and general manager, who had renegotiable sales during his and the petitioner's concurrent fiscal year in excess of $ 1,800,000, controlled the meetings of the petitioner's stockholders, controlled its board of directors, caused its war contracts to be transferred to him without payment therefor, and at will used its…
2Cases cited1 opinion
- Hug Co. v. War Contracts Price Adjustment BoardUnited States Tax Court · 1950