Coldwater Seafood Corp. v. Commissioner
United States Tax Court
Held, certain payments made from Jan. 1, 1963, through Apr. 25, 1969, by petitioner to its parent corporation in Iceland were interest within the meaning of secs. 1441 and 1442, I.R.C. 1954, and petitioner is liable for the 30-percent tax which it failed to withhold on such payments.
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Held, certain payments made from Jan. 1, 1963, through Apr. 25, 1969, by petitioner to its parent corporation in Iceland were interest within the meaning of secs. 1441 and 1442, I.R.C. 1954, and petitioner is liable for the 30-percent tax which it failed to withhold on such payments. Held, further, petitioner's failure to withhold tax and file returns in respect of such payments was due to reasonable cause and not to willful neglect within the meaning of sec. 6651(a), I.R.C. 1954.
1Opinion of the Court
Featherston, Judge:
Respondent determined the following deficiencies in petitioner’s withholding tax and additions to tax under section 6651(a):1
Addition
Year Deficiency (sec. 6651(a))
1963 .$65,641 $16,410
1964 . 69,096 17,274
1965 . 55,579 13,894
1966 . 60,839 15,209
1967 . 72,744 18,186
1968 . 70,324 17,581
1969 . 21,546 0^
Total .415,769 98,554
The issues for decision are as follows:
1. Whether certain quarterly payments made by petitioner to the Association of Icelandic Freezing Plants during 1963 through 1969 were interest paid to a foreign corporation and thus subject to income tax withholding at…
2Cases cited7 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- D. Loveman & Son Export Corp. v. CommissionerUnited States Tax Court · 1960
- Groves v. CommissionerUnited States Board of Tax Appeals · 1938
- O. Falk's Dep't Store, Inc. v. CommissionerUnited States Tax Court · 1953
2 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- CTUW Hollingsworth v. CommissionerUnited States Tax Court · 1986
- Estate of La Meres v. Comm'rUnited States Tax Court · 1992
- Zabolotny v. CommissionerUnited States Tax Court · 1991
- Marprowear Profit-Sharing Trust v. CommissionerUnited States Tax Court · 1980
- Hoffman v. CommissionerUnited States Tax Court · 1982
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