Bremerton Sun Publishing Co. v. Commissioner
United States Tax Court
A portion of petitioner's earnings during the years in issue was accumulated beyond the reasonable needs of its business. Held, accumulated earnings tax not applicable, since petitioner has shown by the preponderance of the evidence that it was not availed of during the years in issue for the purpose of avoiding the income tax with respect to its stockholder by permitting its earnings to accumulate instead of being distributed.
1Opinion of the Court
Fay, Judge:
The respondent determined deficiencies in petitioner’s income tax for the taxable years 1958 and 1959 in the amounts of $21,324.54 and $19,628.26, respectively. The only issue for decision is whether petitioner is subject to tax under section 5311 with respect to all or any part of the earnings retained by it during the years involved herein.
FINDINGS OF FACT
Petitioner is a corporation with principal place of business and office located at 306 Scripps Building, San Diego, Calif. It filed its Federal income tax returns for the years in issue with the district director of internal…
2Cases cited30 opinions
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- The Smoot Sand & Gravel Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- Dixie, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1960
- The Smoot Sand & Gravel Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1957
- John P. Scripps Newspapers v. CommissionerUnited States Tax Court · 1965
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