O. Falk's Dep't Store, Inc. v. Commissioner
United States Tax Court
1. P corporation owned improved realty which it leased to F corporation for a period of 10 years, extending from October 9, 1939, to October 9, 1949. F operated a department store on the leased premises until August 1, 1944, when it subleased the property to a partnership for a period of 5 years, ending August 1, 1949. F owned all the stock of P. F had a total of 1,200 shares of stock outstanding, of which David Falk, his mother, Emma Falk, his sister, Annie F. Mandel, and…
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1. P corporation owned improved realty which it leased to F corporation for a period of 10 years, extending from October 9, 1939, to October 9, 1949. F operated a department store on the leased premises until August 1, 1944, when it subleased the property to a partnership for a period of 5 years, ending August 1, 1949. F owned all the stock of P. F had a total of 1,200 shares of stock outstanding, of which David Falk, his mother, Emma Falk, his sister, Annie F. Mandel, and his sister's husband, Frank Mandel, respectively, owned 701, 97, 201, and 1 shares. On August 1, 1944, David, Annie and…
1Opinion of the Court
OPINION.
Turner, Judge:
The petitioners were holding companies in 1945 and subject to the surtax on personal holding companies under section 500 of the Internal Revenue Code, provided their income was personal holding company income to the extent prescribed by section 501 (a) (1)1 and more than 50 per centum in value of their outstanding stock was owned, directly or indirectly, by or for not more than five individuals, as prescribed in section 501 (a) (2)1 of the Code.
By section 503 (a) (1) of the Code,2 it is provided that for the purpose of determining stock ownership under section 501 (a)…
2Cases cited6 opinions
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- Safety Tube Corp. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1948
- Safety Tube Corp. v. CommissionerUnited States Tax Court · 1947
- Burton Swartz Land Corp v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1952
- Randolph Products Co. v. ManningCourt of Appeals for the Third Circuit · 1949
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3Cited by15 opinions
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- Amo Realty Co. v. CommissionerUnited States Tax Court · 1955
- Conovitz v. Comm'rUnited States Tax Court · 1980
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