Gleason Works v. Commissioner
United States Tax Court
Petitioner was owed $ 221,839.43 by its wholly owned British subsidiary. In 1965, the latter paid petitioner $ 135,876.73 and withheld the amount of British tax payable in the United Kingdom on income of $ 221,839.43, pursuant to sec. 169 of the British Income Tax Act of 1952, to wit, $ 85,962.70. On its return for 1965, petitioner reported as interest income the $ 135,876.73 which it received, added to this amount, i.e., "grossed up," the amount of British tax withheld by…
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Petitioner was owed $ 221,839.43 by its wholly owned British subsidiary. In 1965, the latter paid petitioner $ 135,876.73 and withheld the amount of British tax payable in the United Kingdom on income of $ 221,839.43, pursuant to sec. 169 of the British Income Tax Act of 1952, to wit, $ 85,962.70. On its return for 1965, petitioner reported as interest income the $ 135,876.73 which it received, added to this amount, i.e., "grossed up," the amount of British tax withheld by the payor, and claimed a foreign tax credit in the amount of $ 85,962.70 under sec. 901, I.R.C. 1954. Held, the British…
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined a deficiency in petitioner’s income tax in the amount of $46,763.71 for the taxable year 1965. The sole issue for decision is whether petitioner is entitled to a foreign tax credit under section 9011 for the amount of British income tax on interest due from its wholly owned subsidiary and in respect of which tax was paid by the subsidiary and withheld by the subsidiary from its payment to petitioner pursuant to section 169 of the British Income Tax Act of 1952 (hereinafter sometimes referred to as I.T.A. 1952).
All of the facts have been…
2Cases cited19 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- New York Trust Co. v. EisnerSupreme Court of the United States · 1921
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
- Biddle v. CommissionerSupreme Court of the United States · 1938
- United States v. New YorkSupreme Court of the United States · 1942
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- Riggs Nat'l Corp. & Subsidiaries v. CommissionerUnited States Tax Court · 1996
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