Electric Regulator Corp. v. Commissioner
United States Tax Court
Held: That petitioner was, for each of the taxable years here involved, availed of for the purpose of avoiding the income tax with respect to its shareholders, by permitting its earnings and profits to accumulate instead of being divided or distributed. Respondent's imposition of the accumulated earnings tax under section 531 of the 1954 Code is therefore approved.
1Opinion of the Court
Pierce, Judge:
The respondent determined deficiencies in income tax against the above-named petitioner for its fiscal years ended October 31,1957 and 1958, in the amounts of $81,751.01 and $25,944.69, respectively.
The sole issue for decision is whether the petitioner is subject to the surtax imposed by section 531 of the 1954 Code, on the ground that it was availed of during each of its said fiscal years for the purpose of avoiding the income tax with respect to its shareholders, by permitting earnings and profits to accumulate instead of being divided or distributed.
FINDINGS OP PACT
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2Cases cited3 opinions
- The Smoot Sand & Gravel Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- K O M A, Inc. v. Commissioner of Internal Revenue. Tulsa Broadcasting Co. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1951
- E. L. Bride, Individually, and E. L. Bride, Transferee, and E. L. Bride Company by E. L. Bride, Trustee v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1955
3Cited by16 opinions
- John P. Scripps Newspapers v. CommissionerUnited States Tax Court · 1965
- Bremerton Sun Publishing Co. v. CommissionerUnited States Tax Court · 1965
- Electric Regulator Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1964
- Sandy Estate Co. v. CommissionerUnited States Tax Court · 1964
- The Shaw-Walker Company, a Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1968
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