Pan American Eutectic Welding Alloys Co. v. Commissioner
United States Tax Court
The petitioner was organized as a wholly owned subsidiary of a United States corporation for the purpose of selling in Western Hemisphere countries goods produced by another company owned by the same interests and later by the parent. The petitioner bought such goods from such other company and later from the parent, and sold them to a distributor in a foreign Western Hemisphere country.
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The petitioner was organized as a wholly owned subsidiary of a United States corporation for the purpose of selling in Western Hemisphere countries goods produced by another company owned by the same interests and later by the parent. The petitioner bought such goods from such other company and later from the parent, and sold them to a distributor in a foreign Western Hemisphere country. The agreement between the petitioner and the distributor provided that the petitioner should retain title and risk of loss until the goods reached the foreign port of delivery. Held, that all of petitioner's…
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income and excess profits taxes for the years and in the amounts as follows:
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The only issue is whether the petitioner qualifies as a Western Hemisphere trade corporation within the meaning of section 109 of the Internal Revenue Code of 1939 and section 921 of the Internal Revenue Code of 1954 and is therefore entitled to the credit provided by section 26 (i) of the 1939 Code and the special deduction provided by section 922 of the 1954 Code.
The respondent by stipulation concedes that there are no deficiencies in excess…
2Cases cited4 opinions
- A. P. Green Export Company v. United StatesUnited States Court of Claims · 1960
- United States v. BalanovskiCourt of Appeals for the Second Circuit · 1956
- Barber-Greene Americas, Inc. v. CommissionerUnited States Tax Court · 1960
- American Food Products Corp. v. CommissionerUnited States Tax Court · 1957
3Cited by11 opinions
- Bass v. CommissionerUnited States Tax Court · 1968
- United States Gypsum Company v. United StatesDistrict Court, N.D. Illinois · 1969
- Commissioner of Internal Revenue v. Hammond Organ Western Export CorporationCourt of Appeals for the Seventh Circuit · 1964
- Commissioner of Internal Revenue v. Pfaudler Inter-American CorporationCourt of Appeals for the Second Circuit · 1964
- Babson Bros. Export Co. v. CommissionerUnited States Tax Court · 1963
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