Legal Opinion
Investment Corp. v. United States
District Court, E.D. Pennsylvania
Decided December 17, 1941No. 1326PublishedCited by 5 opinions
1Opinion of the Court
KIRKPATRICK, District Judge.
This is an action for the recovery of alleged overpayment of income tax. The taxable year is 1935. The tax was assessed upon a profit realized by the plaintiff upon 250 shares of its own stock which 'it bought in 1931 and sold in 1935.
From all the circumstances I find as a fact that the transactions consisted of ordinary purchases of shares of stock, which were held for a time as assets of the corporation and then sold as such. Their real nature was the same as purchases and sales of the stock of any other corporation. They were not capital transactions, and the…
2Cases cited9 opinions
- Morrissey v. CommissionerSupreme Court of the United States · 1935
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
- Commissioner of Internal Revenue v. SA Woods MacH. Co.Court of Appeals for the First Circuit · 1932
- E. R. Squibb & Sons v. HelveringCourt of Appeals for the Second Circuit · 1938
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3Cited by5 opinions
- Helvering v. Edison Bros. Stores, Inc.Court of Appeals for the Eighth Circuit · 1943
- Commissioner of Internal Revenue v. H. W. Porter & Co., Inc.Court of Appeals for the Third Circuit · 1951
- Dow Chemical Co. v. KavanaghCourt of Appeals for the Sixth Circuit · 1943
- Aviation Capital, Inc. v. PedrickDistrict Court, S.D. New York · 1944
- Stern Bros. & Co. v. United StatesDistrict Court, W.D. Missouri · 1942