Asphalt Industries, Inc. v. Commissioner
United States Tax Court
T corporation received checks in payment for certain sales made by it. The president of the corporation, who dominated its affairs and who owned 50 percent of its stock, diverted the proceeds of those checks to his own use with the connivance of another officer who owned no stock. Both were directors and devoted full time to the business of the corporation.
Read the full summary
T corporation received checks in payment for certain sales made by it. The president of the corporation, who dominated its affairs and who owned 50 percent of its stock, diverted the proceeds of those checks to his own use with the connivance of another officer who owned no stock. Both were directors and devoted full time to the business of the corporation. The owner of the remaining 50 percent of the stock was also an officer and director, but he spent only a minor portion of his time on the corporation's business and was unaware of these sales and of the diversion of the proceeds to the…
1Opinion of the Court
Asphalt Industries, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Asphalt Industries, Inc. v. Commissioner
Docket No. 1379-63
United States Tax Court
46 T.C. 622; 1966 U.S. Tax Ct. LEXIS 58;
August 19, 1966, Filed
Decision will be entered for the respondent.
T corporation received checks in payment for certain sales made by it. The president of the corporation, who dominated its affairs and who owned 50 percent of its stock, diverted the proceeds of those checks to his own use with the connivance of another officer who owned no stock. Both were directors and devoted full time to…
2Cases cited10 opinions
- Federbush v. CommissionerUnited States Tax Court · 1960
- Auerbach Shoe Co. v. CommissionerUnited States Tax Court · 1953
- Auerbach Shoe Company v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1954
- Currier v. United StatesCourt of Appeals for the First Circuit · 1948
- United Dressed Beef Co. v. CommissionerUnited States Tax Court · 1955
5 more not listed; retrieve them via the Exa API.