Turtle Wax, Inc. v. Commissioner
United States Tax Court
1. During the years 1954, 1955, and 1956, petitioner purchased certain watches which it gave away as premiums. As a part of the purchase price it was required to pay the Federal excise tax on the watches. During the years 1954, 1955, and 1956, petitioner deducted as business expenses the cost of the watches including the excise taxes.
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1. During the years 1954, 1955, and 1956, petitioner purchased certain watches which it gave away as premiums. As a part of the purchase price it was required to pay the Federal excise tax on the watches. During the years 1954, 1955, and 1956, petitioner deducted as business expenses the cost of the watches including the excise taxes. During the taxable years 1958 and 1959, petitioner requested the watch companies to file claims for refund of the excise taxes paid which the companies did and were successful. The companies then, during the taxable years, refunded all of the excise taxes to…
1Opinion of the Court
OPINION
Ahundell, Judge:
Respondent determined deficiencies in income tax for the calendar years 1958 and 1959 in the amounts of $30,584.16 and $7,344.88, respectively.
Petitioner has assigned two errors, as follows:(a) In determining the taxable income of the petitioner for the years 1958 and 1959 the Commissioner erroneously included the amounts of $40,422.18 and $9,153.94 respectively, contending that said amounts constituted taxable refunds of excise taxes.(b) In determining the taxable income of the petitioner for the years 1958 and 1959 the Commissioner erroneously disallowed deductions of…
2Cases cited10 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Brown v. HelveringSupreme Court of the United States · 1934
- United States v. Consolidated Edison Co. of NYSupreme Court of the United States · 1961
- Charles Leich and Company v. The United StatesUnited States Court of Claims · 1964
- Chestnut Securities Co. v. United StatesUnited States Court of Claims · 1945
5 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Putoma Corp., Successor by Merger of Pro-Mac Company, Petitioners- Cross-Appellants v. Commissioner of Internal Revenue, Cross-AppelleeCourt of Appeals for the Fifth Circuit · 1979
- Oberman Mfg. Co. v. CommissionerUnited States Tax Court · 1967
- Union Pacific Railroad v. United StatesUnited States Court of Claims · 1975
- Baker v. United StatesUnited States Court of Claims · 1980
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