Marshall v. Commissioner
United States Tax Court
Held: 1. The provisions of sec. 1.1372-4(b)(5)(iv), Income Tax Regs., that repayments of loans are not properly includable in gross receipts of a corporation for the purpose of determining whether income from interest, rents, and royalties for the taxable year exceeds 20 percent of gross receipts for that year within the meaning of sec. 1372(e)(5), I.R.C. 1954, is valid. 2. When receipts of interest by a corporation actively engaged in a small loan business in any taxable…
Read the full summary
Held: 1. The provisions of sec. 1.1372-4(b)(5)(iv), Income Tax Regs., that repayments of loans are not properly includable in gross receipts of a corporation for the purpose of determining whether income from interest, rents, and royalties for the taxable year exceeds 20 percent of gross receipts for that year within the meaning of sec. 1372(e)(5), I.R.C. 1954, is valid. 2. When receipts of interest by a corporation actively engaged in a small loan business in any taxable year after its first 2 years of operation exceed 20 percent of that corporation's gross receipts for that taxable year,…
1Opinion of the Court
Scott, Judge'-
Respondent determined deficiencies in the Federal income taxes of petitioners I. J. Marshall and Claribel Marshall for the taxable years 1967 and 1968 in the amounts of $819.06 and $10,118.09, respectively. Respondent determined deficiencies in the Federal income taxes of petitioner Flora H. Miller for the taxable years 1965 through 1968 as follows:
Docket No. 6758-70_ 6758-70___ 6757-70_ 6757-70_ Year 1965 1966 1967 1968 Deficiency 81, 152. 30 2, 066. 79 665. 33 497. 39
The issue for decision is whether more than 20 percent of the gross receipts of Eealty Investment Co. of…
2Cases cited7 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Jasper L. House, Jr., and Edra F. House v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1972
- Wilbur v. CommissionerUnited States Tax Court · 1964
- Buhler Mortg. Co. v. CommissionerUnited States Tax Court · 1969
- Commissioner of Internal Revenue v. NetcherCourt of Appeals for the Seventh Circuit · 1944
2 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- I. J. Marshall and Claribel Marshall v. Commissioner of Internal Revenue, Flora H. Miller v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1975
- Davenport v. CommissionerUnited States Tax Court · 1978
- Disabled American Veterans v. CommissionerUnited States Tax Court · 1990
- Opine Timber Co. v. CommissionerUnited States Tax Court · 1975
- Thompson v. CommissionerUnited States Tax Court · 1980
17 more not listed; retrieve them via the Exa API.