Aboussie v. Commissioner
United States Tax Court
Petitioner, as a partner, took investment credits in 1965 and 1966 arising from the purchase of assets by the partnership. In 1966, the partnership was converted into Aboussie Bros. Audio Visual Systems, Inc., with the partners retaining the same percentage interest as they had in the partnership.
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Petitioner, as a partner, took investment credits in 1965 and 1966 arising from the purchase of assets by the partnership. In 1966, the partnership was converted into Aboussie Bros. Audio Visual Systems, Inc., with the partners retaining the same percentage interest as they had in the partnership. On Oct. 13, 1966, petitioner entered into an agreement to sell his stock in the corporation to the remaining shareholders (his brothers) for $ 75,000, payment of back pay and expenses, and payment of one-third of the profits of an impending sale of the corporation's assets. Held, petitioner did not…
1Opinion of the Court
Wiles, Judge:
[Respondent determined a deficiency in petitioners’ income tax for the taxable year 1966 in the amount of $34,011.89. Several issues have been settled by the parties. The remaining issues are (1) whether petitioner retained a substantial interest in a corporation for purposes of determining the applicability of the recapture of investment credit provisions under section 47(a) (1), I.R.C. 1954,1 and (2) alternatively, whether section 1.47-3 (f) (5), Income Tax Regs., is invalid because it is unreasonable and arbitrary.
EINDINGS OE EACT
Some of the facts have been stipulated and are…
2Cases cited9 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Ben Perlmutter and Bernice Perlmutter v. Commissioner of Internal Revenue, the Perlmutters, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1967
- Perlmutter v. CommissionerUnited States Tax Court · 1965
- Samuel Pollack and Annie Pollack v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
4 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Trinova Corp. v. CommissionerUnited States Tax Court · 1997
- Blevins v. CommissionerUnited States Tax Court · 1974
- Battaglia v. CommissionerUnited States Tax Court · 1981
- Aboussie v. CommissionerUnited States Tax Court · 1973
- Blevins v. CommissionerUnited States Tax Court · 1974
5 more not listed; retrieve them via the Exa API.