Frederic R. Harris, Inc. v. Commissioner
United States Tax Court
Held, petitioner corporation did not acquire "substantially all" of the assets of a sole proprietorship owned by a decedent, and was therefore not an "acquiring corporation" under section 461(a)(1) (D) or a "purchasing corporation" under section 474(a)(1)(A), I.R.C. 1939, as amended, so as to entitle it to use the earnings experience of the sole proprietorship in determining its excess profits credit.
1Opinion of the Court
OPINION
Raum, Judge:
In computing its excess profits credit for the taxable years petitioner corporation seeks to utilize the earnings experience of the decedent’s sole proprietorship during the base period years, 1946-49. To achieve that result, it argues that it should be classified as an “acquiring corporation” under section 461 of the Internal Revenue Code of 1939, as amended, or alternatively, as a “purchasing corporation” under section 474 of the Code, as amended. We think that it has failed to establish qualification under either of these provisions.
That portion of the statute (section…
2Cases cited11 opinions
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- Helvering v. Morgan's, Inc.Supreme Court of the United States · 1934
- Rohmer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1946
- Smith v. CommissionerUnited States Board of Tax Appeals · 1936
- E. T. Renfro Drug Co. v. CommissionerUnited States Tax Court · 1948
6 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Ach v. CommissionerUnited States Tax Court · 1964
- Moffatt v. CommissionerUnited States Tax Court · 1964
- Ach v. CommissionerUnited States Tax Court · 1964
- Frederic R. Harris, Inc. v. CommissionerUnited States Tax Court · 1963
- Jacobs v. CommissionerUnited States Tax Court · 1974
1 more not listed; retrieve them via the Exa API.