Artukovich v. Commissioner
United States Tax Court
Ron Waller Enterprises, Inc., a small business corporation, filed its election under sec. 1372(a), I.R.C. 1954, more than 1 month after it borrowed $ 20,000, received an assignment of a lease on premises where it later conducted a restaurant-nightclub business, and expended about $ 10,000 of the borrowed funds for remodeling the leased premises and other purposes.
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Ron Waller Enterprises, Inc., a small business corporation, filed its election under sec. 1372(a), I.R.C. 1954, more than 1 month after it borrowed $ 20,000, received an assignment of a lease on premises where it later conducted a restaurant-nightclub business, and expended about $ 10,000 of the borrowed funds for remodeling the leased premises and other purposes. Held: The election was not timely within the meaning of sec. 1372(c)(1), I.R.C. 1954. Sec. 1.1372-2(b)(1), Income Tax Regs., applied.
1Opinion of the Court
Feati-ieRSton, Judge:
Eespondent determined a deficiency in petitioners’ Federal income tax for 1965 in the amount of $29,677.43. The only issue is whether Eon Waller Enterprises, Inc., a corporation in which petitioners were the sole shareholders, filed a timely election under section 1372(a)1 to he taxed as a small business corporation for its taxable year ended November 30,1965.
RINDING OF FACT
Nick A. Artukovich (hereinafter referred to as petitioner) and Stella M. Artukovich were legal residents of Arcadia, Calif., at the time they filed their petition. They filed a joint Federal income tax…
2Cases cited9 opinions
- United States v. CorrellSupreme Court of the United States · 1967
- Frentz v. CommissionerUnited States Tax Court · 1965
- J. William Frentz v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1967
- Schubert v. LoweCalifornia Supreme Court · 1924
- Pestcoe v. CommissionerUnited States Tax Court · 1963
4 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Hoopengarner v. CommissionerUnited States Tax Court · 1983
- Brutsche v. CommissionerUnited States Tax Court · 1976
- Artukovich v. CommissionerUnited States Tax Court · 1973
- Brutsche v. CommissionerUnited States Tax Court · 1976
- Hoopengarner v. CommissionerUnited States Tax Court · 1983
2 more not listed; retrieve them via the Exa API.