Farmers Union Corp. v. Commissioner
United States Tax Court
Petitioner's business comprised the ownership and management of a piece of real estate from which it received rents, and the operation of a retail hardware store the gross receipts of which were substantially more than rent receipts. The store was in the building owned by petitioner. Petitioner's outstanding stock was 20,000 shares of common, $10 par value, $200,000. Two stockholders held 71 per cent of the stock.
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Petitioner's business comprised the ownership and management of a piece of real estate from which it received rents, and the operation of a retail hardware store the gross receipts of which were substantially more than rent receipts. The store was in the building owned by petitioner. Petitioner's outstanding stock was 20,000 shares of common, $10 par value, $200,000. Two stockholders held 71 per cent of the stock. In 1951, petitioner's directors and stockholders adopted a plan to transfer all of the assets of the hardware business to such stockholders as elected to surrender 8,000 shares of…
1Opinion of the Court
The Farmers Union Corporation v. Commissioner.
Farmers Union Corp. v. Commissioner
Docket No. 69647.
United States Tax Court
T.C. Memo 1960-179; 1960 Tax Ct. Memo LEXIS 115; 19 T.C.M. (CCH) 941; T.C.M. (RIA) 60179;
August 31, 1960
Petitioner's business comprised the ownership and management of a piece of real estate from which it received rents, and the operation of a retail hardware store the gross receipts of which were substantially more than rent receipts. The store was in the building owned by petitioner. Petitioner's outstanding stock was 20,000 shares of common, $10 par value, $200,000. Two…
2Cases cited27 opinions
- Dalton v. BowersSupreme Court of the United States · 1932
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- Commissioner v. Estate of BedfordSupreme Court of the United States · 1945
- Sic v. CommissionerUnited States Tax Court · 1948
- Lazier v. United StatesCourt of Appeals for the Eighth Circuit · 1948
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