Adolph Coors Co. v. Commissioner
United States Tax Court
The Court entered a decision in this case on Mar. 28, 1974, showing a deficiency in income tax due from the petitioner for the taxable year 1965 in the amount of $ 3,660,205.49. For the taxable year 1966 a deficiency of $ 1,109,568.91 is due.
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The Court entered a decision in this case on Mar. 28, 1974, showing a deficiency in income tax due from the petitioner for the taxable year 1965 in the amount of $ 3,660,205.49. For the taxable year 1966 a deficiency of $ 1,109,568.91 is due. In order to stay assessment and collection of the tax the petitioner proposes to offer under sec. 7485 (a)(1), I.R.C. 1954, a bond with surety consisting of an irrevocable letter of credit from the First National Bank of Denver in the amount of $ 9,539,548.40. Held, the surety on the bond is approved.
1Opinion of the Court
OPINION
Dawson, Judge:
On March 28,1974, the decision in Adolph Coors Co., docket No. 2840-69, was entered, showing the following deficiencies in income tax:
1965 _$3,660,205.49
1966 _ 1,109,568.91
Total_ 4,769,774.40
Petitioner’s appeal must be filed with the United States Court of Appeals for the Tenth Circuit on or before June 26,1974. Petitioner has filed a motion asking that this Court approve and accept a bond with surety consisting of an “Irrevocable Letter of Credit” issued by the First National Bank of Denver in the amount of $9,539,548.40. This is double1 the amount of the deficiencies…
2Cases cited2 opinions
- Barnes Theatre Ticket Service, Inc. v. CommissionerUnited States Tax Court · 1968
- Estate of Kahn v. CommissionerUnited States Tax Court · 1973
3Cited by7 opinions
- Home Group v. CommissionerUnited States Tax Court · 1989
- Armstrong v. CommissionerUnited States Tax Court · 1992
- Poinier v. CommissionerUnited States Tax Court · 1988
- Adolph Coors Co. v. CommissionerUnited States Tax Court · 1974
- Armstrong v. CommissionerUnited States Tax Court · 1992
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