Frank Spingolo Warehouse Co. v. Commissioner
United States Tax Court
Petitioner corporation was organized in 1947 and engaged in the refrigeration and air-conditioning business. It had net operating losses from 1950 through 1953. At the end of 1953 petitioner was reduced to a corporate shell and all of its stock was sold to Frank Spingolo, who had been operating a profitable trucking business as a sole proprietorship.
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Petitioner corporation was organized in 1947 and engaged in the refrigeration and air-conditioning business. It had net operating losses from 1950 through 1953. At the end of 1953 petitioner was reduced to a corporate shell and all of its stock was sold to Frank Spingolo, who had been operating a profitable trucking business as a sole proprietorship. On January 9, 1954, Spingolo transferred to petitioner all of the assets and liabilities of his sole proprietorship and petitioner has since engaged in the trucking business. Held, that the net operating loss deduction arising from the operation…
1Opinion of the Court
OPINION.
Naum, Judge:
Two separate contentions are made by the Commissioner in support of his disallowance of petitioner’s claimed net operating loss deduction in 1954, both of which are fairly comprehended within his broad determination that “the deduction is not allowable within the meaning and intendment of the applicable provisions of the Internal Revenue Code (1954).”1 The two issues are thus stated in petitioner’s opening brief:
a. Was tie principal purpose of the acquisition of the corporation by its sole stockholder that of tax avoidance so as to bar the deduction under the provisions of…
2Cases cited14 opinions
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- Mill Ridge Coal Company v. George D. Patterson, District Director of Internal RevenueCourt of Appeals for the Fifth Circuit · 1959
- Thomas E. Snyder Sons Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1961
- James Realty Company, a Corporation v. United StatesCourt of Appeals for the Eighth Circuit · 1960
- Thomas E. Snyder Sons Co. v. CommissionerUnited States Tax Court · 1960
9 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Ach v. CommissionerUnited States Tax Court · 1964
- Bobsee Corporation v. United StatesCourt of Appeals for the Fifth Circuit · 1969
- Bush Hog Mfg. Co. v. CommissionerUnited States Tax Court · 1964
- Moffatt v. CommissionerUnited States Tax Court · 1964
- H. F. Ramsey Co. v. CommissionerUnited States Tax Court · 1965
18 more not listed; retrieve them via the Exa API.