New Mexico Timber Co. v. Commissioner
United States Tax Court
Held, "gross receipts," within the meaning of sec. 1372(e)(5), I.R.C. 1954, realized by a small business corporation trading in commodity futures contracts, equals the total amount received, unreduced by any fees and commissions, and is not limited to gains from such transactions.
1Opinion of the Court
Körner, Judge:
Respondent determined deficiencies in Federal income tax against petitioners as follows:
Petitioner TYE Deficiency
New Mexico Timber Co. Apr. 30, 1979 $62,055
Apr. 30, 1980 46,420
Apr. 30, 1981 56,323
Total 164.798
T.P. Gallagher Dec. 31, 1979 18,662
and Barbara Gallagher Dec. 31, 1980 75.017
Total 93.679
The only issue for us to decide is whether the amount of "gross receipts,” within the meaning of section 1372(e)(5),1 realized by a small business corporation trading in commodity futures contracts, equals the total amount realized, or whether such receipts are taken into account only…
2Cases cited18 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Smith v. CommissionerUnited States Tax Court · 1982
- Howell v. CommissionerUnited States Tax Court · 1972
- Commissioner of Internal Revenue v. CovingtonCourt of Appeals for the Fifth Circuit · 1941
13 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Stein v. CommissionerUnited States Tax Court · 1989
- New Mexico Timber Co. v. CommissionerUnited States Tax Court · 1985
- White's Ferry v. CommissionerUnited States Tax Court · 1993