Osborne v. Commissioner
United States Tax Court
The corporation in which petitioners were equal shareholders received rents during its taxable years ended May 31, 1960 and 1961, in excess of 20 percent of its gross receipts for such years.
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The corporation in which petitioners were equal shareholders received rents during its taxable years ended May 31, 1960 and 1961, in excess of 20 percent of its gross receipts for such years. Held, that the corporation's election to be treated as a small business corporation under subchapter S of the Internal Revenue Code of 1954 was terminated for its taxable year ended May 31, 1960, and for its succeeding taxable years under sec. 1372(e)(5) of the Code; that sec. 1372(e)(5) as amended by Pub. L. 89-389, 80 Stat. 111 (Apr. 14, 1966), has no bearing on years beginning before Jan. 1, 1963; and…
1Opinion of the Court
AtmNS, Judge:
Respondent determined deficiencies in income tax for the taxable years 1960 and 1961 in the respective amounts of $22,913.59 and $31,396.39.
The parties having settled certain issues by stipulation, the issues remaining for decision are whether the election .of East Gate Center, Inc., to be treated as a small business corporation under subchapter S of the Internal Revenue Code of 1954 was terminated under section 1372(e) (5) of the Code with the result that petitioners are not entitled to deduct any part of such corporation’s net operating losses, and, if not, the amounts of such…
2Cases cited6 opinions
- Bramlette Building Corporation, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1970
- Bramlette Bldg. Corp. v. CommissionerUnited States Tax Court · 1969
- Joyce v. CommissionerUnited States Tax Court · 1964
- Feingold v. CommissionerUnited States Tax Court · 1968
- Lansing Broadcasting Co. v. CommissionerUnited States Tax Court · 1969
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Greene v. CommissionerUnited States Tax Court · 1978
- Greene v. CommissionerUnited States Tax Court · 1978
- Osborne v. CommissionerUnited States Tax Court · 1970