Crosby Valve & Gage Co. v. Commissioner
United States Tax Court
Held, a wholly owned subsidiary of a tax-exempt charitable corporation is not entitled to deduct as charitable contributions transfers of its equity in certain bonds to its parent corporation.
1Opinion of the Court
Crosby Valve & Gage Company (Formerly Crosby Steam Gage & Valve Company), Petitioner, v. Commissioner of Internal Revenue, Respondent
Crosby Valve & Gage Co. v. Commissioner
Docket No. 77979
United States Tax Court
46 T.C. 641; 1966 U.S. Tax Ct. LEXIS 56;
August 22, 1966, Filed
Decision will be entered under Rule 50.
Held, a wholly owned subsidiary of a tax-exempt charitable corporation is not entitled to deduct as charitable contributions transfers of its equity in certain bonds to its parent corporation.
Jack H. Calechman, for the petitioner.
Albert R. Doyle, for the respondent.
Bruce, Judge.…
Also in this document: Concurrence; Dissent.
2Cases cited20 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Commissioner v. LoBueSupreme Court of the United States · 1956
- Bogardus v. CommissionerSupreme Court of the United States · 1937
- Harold Dejong and Marjorie J. Dejong v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1962
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