Fuller v. Commissioner
United States Tax Court
Petitioner during the years 1948, 1949, and 1950 was engaged in the sale at wholesale and retail of whiskey in violation of the laws of Oklahoma. Some of his stocks were confiscated in 1948 and 1950. He did not for any of the taxable years file a declaration of estimated tax. Respondent imposed a fraud penalty for 1949 and penalties under section 294 for failure to file declarations of tax and underestimations of estimated tax based on zero amounts.
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Petitioner during the years 1948, 1949, and 1950 was engaged in the sale at wholesale and retail of whiskey in violation of the laws of Oklahoma. Some of his stocks were confiscated in 1948 and 1950. He did not for any of the taxable years file a declaration of estimated tax. Respondent imposed a fraud penalty for 1949 and penalties under section 294 for failure to file declarations of tax and underestimations of estimated tax based on zero amounts. Held, that petitioners realized gross profit of $ 85,088.41 in 1949 from sales of whiskey; that the fraud penalty was improperly imposed; that…
1Opinion of the Court
OPINION.
Johnson, Judge:
Petitioner reported gross profit of $46,865.36 in 1949 on gross sales of $393,469.72, by wholesale and retail, of intoxicating beverages in a business he admits was illegal under the laws of Oklahoma. He computed the gross profit by the inventory method. After an examination of petitioner’s income tax liability for 1948, 1949, and 1950 by a special agent and revenue agent during about 30 working days, respondent increased the gross profit in 1949 by $40,006.73, or to $86,872.09, after allowing $6,839.29 for hauling, an increase in gross profit of about 85 per cent. The…
2Cases cited12 opinions
- Commissioner v. HeiningerSupreme Court of the United States · 1943
- Lilly v. CommissionerSupreme Court of the United States · 1952
- Sullenger v. CommissionerUnited States Tax Court · 1948
- Standard Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1942
- Clark v. CommissionerUnited States Tax Court · 1952
7 more not listed; retrieve them via the Exa API.
3Cited by124 opinions
- Acker v. CommissionerUnited States Tax Court · 1956
- Heuer v. CommissionerUnited States Tax Court · 1959
- Schuster v. CommissionerCourt of Appeals for the Ninth Circuit · 1962
- Pigman v. CommissionerUnited States Tax Court · 1958
- Fred N. Acker v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
119 more not listed; retrieve them via the Exa API.