New Mexico Timber Co. v. Commissioner
United States Tax Court
Held, "gross receipts," within the meaning of sec. 1372(e)(5), I.R.C. 1954, realized by a small business corporation trading in commodity futures contracts, equals the total amount received, unreduced by any fees and commissions, and is not limited to gains from such transactions.
1Opinion of the Court
New Mexico Timber Company, a New Mexico Corporation, T. P. Gallagher and Barbara Gallagher, Petitioners v. Commissioner of Internal Revenue, Respondent
New Mexico Timber Co. v. Commissioner
Docket No. 24199-82
United States Tax Court
84 T.C. 1290; 1985 U.S. Tax Ct. LEXIS 67; 84 T.C. No. 70;
June 17, 1985. June 17, 1985, Filed
Decision will be entered under Rule 155.
Held, "gross receipts," within the meaning of sec. 1372(e)(5), I.R.C. 1954, realized by a small business corporation trading in commodity futures contracts, equals the total amount received, unreduced by any fees and commissions, and is…
2Cases cited19 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Smith v. CommissionerUnited States Tax Court · 1982
- Howell v. CommissionerUnited States Tax Court · 1972
- Commissioner of Internal Revenue v. CovingtonCourt of Appeals for the Fifth Circuit · 1941
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