Hug Co. v. War Contracts Price Adjustment Board
United States Tax Court
The petitioner's president and general manager, who had renegotiable sales during his and the petitioner's concurrent fiscal year in excess of $ 1,800,000, controlled the meetings of the petitioner's stockholders, controlled its board of directors, caused its war contracts to be transferred to him without payment therefor, and at will used its liquid assets for his personal advantage.
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The petitioner's president and general manager, who had renegotiable sales during his and the petitioner's concurrent fiscal year in excess of $ 1,800,000, controlled the meetings of the petitioner's stockholders, controlled its board of directors, caused its war contracts to be transferred to him without payment therefor, and at will used its liquid assets for his personal advantage. Held, that the petitioner was under the control of its president and general manager within the meaning of section 403 (c) (6) of the Renegotiation Act and that it was subject to renegotiation under the…
1Opinion of the Court
OPINION.
TURNER, Judge:
The respondent contends that the petitioner was in common control with C. J. Hug during 1945 within the meaning of section 403 (c) (6) of the Renegotiation Act1 and paragraphs 348.2 and 348.4 of the Renegotiation Regulations2 issued pursuant thereto and that therefore the petitioner is subject to renegotiation under the act for the fiscal year ended December 31, 1945, since the total amount of its and C. J. Hug’s renegotiate sales for 1945 was in excess of $2,000,000. The petitioner contends that it was not under common control with Hug and that, since its'renegotiate…
2Cited by5 opinions
- Lowell Wool By-Products Co. v. War Contracts Price Adjustment BoardUnited States Tax Court · 1950
- Zarkin v. United StatesUnited States Tax Court · 1958
- Hug Co. v. War Contracts Price Adjustment BoardUnited States Tax Court · 1950
- Lowell Wool By-Products Co. v. War Contracts Price Adjustment BoardUnited States Tax Court · 1950
- Zarkin v. United StatesUnited States Tax Court · 1958