Kamin Chevrolet Co. v. Commissioner
United States Tax Court
The petitioner filed an excess profits tax return for the calendar year 1940. On June 24, 1940, all of the stockholders of the petitioner entered into an agreement consenting to the dissolution and winding up of its affairs and on the same date the board of directors adopted a like resolution. Pursuant to such resolution the petitioner, on June 29, 1940, distributed all of its assets to its stockholders, subject to its liabilities, but did not surrender its charter.
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The petitioner filed an excess profits tax return for the calendar year 1940. On June 24, 1940, all of the stockholders of the petitioner entered into an agreement consenting to the dissolution and winding up of its affairs and on the same date the board of directors adopted a like resolution. Pursuant to such resolution the petitioner, on June 29, 1940, distributed all of its assets to its stockholders, subject to its liabilities, but did not surrender its charter. After June 30, 1940, the corporation was an empty shell without capital, income, or expenses. The respondent treated the return…
1Opinion of the Court
OPINION.
Smith, Judge:
The first question presented is whether the respondent correctly treated the excess profits tax return filed by the petitioner for 1940 -as a return for the 6-month period ended June 30 rather than one for the calendar year. The petitioner submits that since it was in existence for the entire calendar year 1940 it was required to file a return covering the entire calendar year and that the respondent was in error in treating the return filed as one for only a fractional part of the year.
Section 48 of the Internal Revenue Code defines a taxable year as meaning:
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2Cases cited3 opinions
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- Helvering v. Chester N. Weaver Co.Supreme Court of the United States · 1938
- General Aniline & Film Corp. v. CommissionerUnited States Tax Court · 1944
3Cited by22 opinions
- Economy Sav. & Loan Co. v. CommissionerUnited States Tax Court · 1945
- Winter & Co. v. CommissionerUnited States Tax Court · 1949
- Union Bus Terminal, Inc. v. CommissionerUnited States Tax Court · 1949
- James P. Neill v. Robert L. Phinney, District Director of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
- Pepsi Cola Co. v. CommissionerUnited States Tax Court · 1945
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