Metallics Recycling Co. v. Commissioner
United States Tax Court
Petitioner began doing business in 1976. During 1976 and 1977, it purchased from Company V and Company W equipment, machinery, and inventory. It also acquired customers and employees which had formerly been associated with Company V and Company W. Petitioner took a new jobs tax credit pursuant to secs. 44B and 52(c), I.R.C. 1954, for its 1977 tax year.
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Petitioner began doing business in 1976. During 1976 and 1977, it purchased from Company V and Company W equipment, machinery, and inventory. It also acquired customers and employees which had formerly been associated with Company V and Company W. Petitioner took a new jobs tax credit pursuant to secs. 44B and 52(c), I.R.C. 1954, for its 1977 tax year. Held, for purposes of determining the amount of the new jobs tax credit, the limitations of sec. 52(c) apply when employers acquire the major portion of more than one business. Held, further, petitioner acquired goodwill and tangible assets…
1Opinion of the Court
Shields, Judge:
Respondent determined a deficiency of $23,997.16 in petitioner’s income tax for the year ending December 31, 1977. Due to concessions, the sole issue for our decision is whether petitioner is entitled to a new jobs tax credit pursuant to sections 44B and 52(c).1
FINDINGS OF FACT
Some of the facts have been stipulated. The stipulation and exhibits attached thereto are incorporated herein by this reference.
Petitioner Metallics Recycling Co. (Metallics) is an Ohio corporation. Its principal place of business was in Wooster, Ohio, when it filed its petition herein.
Metallics is in the…
2Cases cited7 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- Putnam v. CommissionerSupreme Court of the United States · 1956
- First National Bank in St. Louis v. MissouriSupreme Court of the United States · 1924
- VGS Corp. v. CommissionerUnited States Tax Court · 1977
2 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Solitron Devices, Inc. v. CommissionerUnited States Tax Court · 1983
- Guardian Industries Corp. v. CommissionerUnited States Tax Court · 2014
- Metallics Recycling Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1984
- Pope & Talbot, Inc. v. CommissionerUnited States Tax Court · 1995
- Amis v. CommissionerUnited States Tax Court · 1984
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