Hunt v. Commissioner
United States Tax Court
Held, income from sales of crude oil sourced under "title passage" rule of sec. 1.861-7, Income Tax Regs., for purposes of determining petitioners' per-country limitation on foreign tax credit.
1Opinion of the Court
SHIELDS, Judge:
Respondent determined deficiencies in petitioners’ income taxes as follows:
Petitioner Docket No. Tax year Deficiency
Lamar and Norma K. Hunt 30547-81 1972 $35,105.32
1974 41,340.35
1975 11,741.64
1385-82 1976 8,495.69
1977 1,033,259.02
465-83 1978 928,429.93
N.B. and Caroline L. Hunt 30548-81 1974 4,048,294.48
1975 16,096.39
1386-82 1976 97,914.61
1977 14,796.91
498-83 1978 2,877,515.44
W.H. and Nancy B. Hunt 30549-81 1974 646,736.68
1975 25,613.13
1387-82 1976 25,628.76
1977 540,111.72
538-83 1978 814,531.97
After concessions, the sole issue to be decided is whether income in 1974 attributable…
2Cases cited18 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Palmer v. CommissionerSupreme Court of the United States · 1937
- Anderson, Clayton & Co., Plaintiff-Appellee-Cross-Appellant v. United States of America, Defendant-Appellant-Cross-AppelleeCourt of Appeals for the Fifth Circuit · 1977
- American Chicle Co. v. United StatesSupreme Court of the United States · 1942
- F. W. Woolworth Co. v. CommissionerUnited States Tax Court · 1970
13 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
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- Hunt v. CommissionerUnited States Tax Court · 1988