Carborundum Co. v. Commissioner
United States Tax Court
Held, petitioner realized long-term capital gain on the sales of currency contracts in 1968.
1Opinion of the Court
Wiles, Judge:
Respondent determined a deficiency of $229,049 in petitioner’s 1968 Federal income tax. The sole issue for decision is whether petitioner realized short-term or long-term capital gain from the sale of foreign currency contracts.
FINDINGS OF FACT
This case has been fully stipulated and the facts are found accordingly.
The Carborundum Co. (hereinafter petitioner) is a corporation organized and existing under the laws of the State of Delaware with its principal offices located at Niagara Falls, N.Y. Petitioner filed a timely consolidated Federal income tax return for calendar year 1968…
2Cases cited15 opinions
- Universal Battery Co. v. United States and Four Other CasesSupreme Court of the United States · 1930
- Edwin W. Hudspeth and Maxine G. Hudspeth v. United StatesCourt of Appeals for the Eighth Circuit · 1972
- Commissioner of Internal Revenue v. Percy W. Phillips and Betty R. Phillips (Husband and Wife)Court of Appeals for the Fourth Circuit · 1960
- John P. Kinsey and Edith B. Kinsey v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1973
- Hobby v. CommissionerUnited States Tax Court · 1943
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3Cited by16 opinions
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- Peterson Irrevocable Trust 2 for benefit of Peterson v. CommissionerUnited States Tax Court · 1986
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