Riss v. Commissioner
United States Tax Court
1. Petitioner Transport Manufacturing & Equipment Co. of Delaware (T.M.E.) and its sister corporation, Riss & Co., Inc. (Riss), were controlled by the same family interests.
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1. Petitioner Transport Manufacturing & Equipment Co. of Delaware (T.M.E.) and its sister corporation, Riss & Co., Inc. (Riss), were controlled by the same family interests. Riss was, during all of the years under consideration, a common carrier, authorized to use certain trucking routes granted to it by the Interstate Commerce Commission (Commission). In accordance with an industry-wide practice T.M.E. was brought into being in 1938 to serve as a conduit through which Riss could procure equipment (both rolling and stationary) which it otherwise would have had difficulty in obtaining because…
1Opinion of the Court
Ikwin, Judge:
Respondent determined deficiencies in petitioners' income tax for tlie following years:
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Certain concessions having been made by the parties, the issues remaining for decision are:
Issue 1: Whether petitioner Transport Manufacturing & Equipment Co. of Delaware (hereinafter T.M.E.) acted properly in not recognizing, as gain, any part of the $3,904,000 which is received from the sale of certain used trailers during the year 1957.
Issue 2: Whether a $1,383,029.71 debt owed to T.M.E. 'by Riss & Co., Inc., was properly treated as a bad debt on T.M.E.’s income tax for the…
2Cases cited75 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Knetsch v. United StatesSupreme Court of the United States · 1960
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- Burton-Sutton Oil Co. v. CommissionerSupreme Court of the United States · 1946
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3Cited by113 opinions
- Estate of Horvath v. CommissionerUnited States Tax Court · 1973
- Estate of Newhouse v. CommissionerUnited States Tax Court · 1990
- Foster v. Comm'rUnited States Tax Court · 1983
- Richard R. Riss, Sr. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1973
- Walter L. Gross, Jr. And Barbara H. Gross (99-2239) Calvin C. Linnemann and Patricia G. Linnemann (99-2257) v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 2001
108 more not listed; retrieve them via the Exa API.