Standard Lumber Co. v. Commissioner
United States Tax Court
1. Petitioner held 62 per cent of the outstanding stock of P corporation and trustees under a voting trust held 25 per cent. The voting trust was created in 1952 to continue for 20 years. A State law enacted in 1953 provided that voting trusts could be created for periods not to exceed 10 years.
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1. Petitioner held 62 per cent of the outstanding stock of P corporation and trustees under a voting trust held 25 per cent. The voting trust was created in 1952 to continue for 20 years. A State law enacted in 1953 provided that voting trusts could be created for periods not to exceed 10 years. The trust was terminated by consent of the parties in 1955. Held, the State legislative enactment worked no suspension of the voting rights of the stock held in trust; petitioner did not own stock of P corporation possessing 80 per cent of the voting power in 1954 so as to entitle petitioner and P to…
1Opinion of the Court
OPINION.
Black, Judge:
Respondent lias determined deficiencies in the income tax of petitioner for the years 1954 and 1955 as follows:
Tear Deficiency
1954 _$255,939.96
1955 _ 180,397.47
All issues relating to the taxable year 1955 have been settled in the stipulation filed by the parties. Respondent conceded that petitioner was entitled to file a consolidated income tax return with Oregon Fibre Products, Inc., hereinafter referred to as Products, for the year 1955. Petitioner conceded that Products was not entitled to a deduction of $50,000 on amortization of masonite. Effect will be given to this…
2Cases cited12 opinions
- Leadbetter v. PriceOregon Supreme Court · 1921
- San Francisco Stevedoring Co. v. CommissionerUnited States Tax Court · 1947
- Libby v. Southern Pacific Co.Oregon Supreme Court · 1923
- Moss v. WoodcockOregon Supreme Court · 1923
- Hoffart v. Lindquist & Paget Mortgage Co.Oregon Supreme Court · 1948
7 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Commercial Solvents Corp. v. CommissionerUnited States Tax Court · 1964
- Harmont Plaza, Inc. v. CommissionerUnited States Tax Court · 1975
- Smith v. CommissionerUnited States Tax Court · 1967
- Joe M. Smith and Florence P. Smith v. Commissioner of Internal Revenue, Henry v. Nielsen and Margaret E. Nielsen v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1970
- Standard Lumber Co., Formerly Pilot Rock Lumber Co. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1962
4 more not listed; retrieve them via the Exa API.