George M. Still, Inc. v. Commissioner
United States Tax Court
During the fiscal year ended July 31, 1945, two of petitioner's officers and stockholders withheld from petitioner the proceeds of certain cash sales, thereby causing sales to be understated in petitioner's books. The father of one of these officers was the dominant stockholder in petitioner; he discovered the situation prior to the close of the taxable year, and obtained promises of restitution from them.
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During the fiscal year ended July 31, 1945, two of petitioner's officers and stockholders withheld from petitioner the proceeds of certain cash sales, thereby causing sales to be understated in petitioner's books. The father of one of these officers was the dominant stockholder in petitioner; he discovered the situation prior to the close of the taxable year, and obtained promises of restitution from them. Such restitution was actually made in October 1946. Petitioner's tax returns failed to reflect such sales in its gross income. Held: 1. In the circumstances of this case, petitioner has…
1Opinion of the Court
OPINION.
Raum, Judge:
The respondent determined a deficiency in tax and 50 per cent additions to tax for fraud, for the fiscal year ended July 31, 1915, as follows:
Kind of tax Deficiency Additions to tax
Declared value excess-profits_ None $1,251.78
Excess profits_$222.21 12, 020.56
All of the facts have been stipulated, and the stipulation is adopted as our findings of fact.
The petitioner, a wholesale dealer in oysters and clams, is a New York corporation organized in 1905. Its president, Sidney A. Still (now deceased), owned 50 per cent of its capital stock. His daughter, Nancy S. Milliken, was…
2Cases cited12 opinions
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Alison v. United StatesSupreme Court of the United States · 1952
- Hirschman v. CommissionerUnited States Tax Court · 1949
- Eck v. CommissionerUnited States Tax Court · 1951
- Wilson v. CommissionerUnited States Tax Court · 1946
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