Shea Co. v. Commissioner
United States Tax Court
On Mar. 27, 1957, the Shea Co. and four other corporations, formed a joint venture for the purpose of constructing the Clear Creek Tunnel near Whiskeytown, Calif., under contract with the United States of America, Department of Interior, Bureau of Reclamation. During the construction of the tunnel, the joint venture asserted certain claims against the Bureau of Reclamation for extra compensation due to changed conditions not contemplated in the construction contract.
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On Mar. 27, 1957, the Shea Co. and four other corporations, formed a joint venture for the purpose of constructing the Clear Creek Tunnel near Whiskeytown, Calif., under contract with the United States of America, Department of Interior, Bureau of Reclamation. During the construction of the tunnel, the joint venture asserted certain claims against the Bureau of Reclamation for extra compensation due to changed conditions not contemplated in the construction contract. The joint venture also, at the end of the construction, asserted a claim against the Industrial Indemnity Co. for a dividend on…
1Opinion of the Court
Hoyt, Judge:
Respondent determined deficiencies in the Federal income taxes of petitioners as follows:
Docket No. Petitioner Year Amount
424-66 Shea Co., a dissolved corporation. 1959_ $57, 144. 01 Jan. 1 to Aug. 23, 15, 226. 66 . 1962.
425-66 Estate of Edmund H. Shea, deceased, Gilbert J. Shea and Edmund H. Shea, Jr., executors, and Margaret M. Shea. 1962__ 17,841.30
426-66 Gilbert J. Shea and Lucile M. Shea, husband and wife. 1962_ 68, 438. 18
427-66 Estate of Edmund H. Shea, deceased, Gilbert J. Shea and Edmund H. Shea, Jr., executors, transferee. 1959_ 57, 144. 01 Jan. 1 to Aug. 23, 15, 226. 66…
2Cases cited15 opinions
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