Concord Supply Corp. v. Commissioner
United States Tax Court
Percival J. Haines, a general contractor, under plans and specifications approved by U.S. Rubber, constructed a warehouse facility of which U.S. Rubber was to become and became the lessee. The warehouse was constructed in two parts, with two corporations organized by Haines, of which he owned more than 50 percent of the total combined voting power of all classes of stock entitled to vote of each corporation, being the owners and lessors.
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Percival J. Haines, a general contractor, under plans and specifications approved by U.S. Rubber, constructed a warehouse facility of which U.S. Rubber was to become and became the lessee. The warehouse was constructed in two parts, with two corporations organized by Haines, of which he owned more than 50 percent of the total combined voting power of all classes of stock entitled to vote of each corporation, being the owners and lessors. The first part was a complete operable warehouse with the necessary facilities and utilities for its operation. The second part was an appendage to the first…
1Opinion of the Court
OPINION.
TURNER, Judge:
In imposing the surtax on the taxable income of a corporation, section 11(c) of the Internal Revenue Code of 1954 provides an exemption of $25,000. In section 269(a),1 it is provided that if a person acquires control of a corporation and the principal purpose of such acquisition is evasion or avoidance of Federal income tax by securing the benefit of a deduction, credit, or other allowance which, such person or corporation would not otherwise enjoy, then the deduction, credit, or allowance shall not be allowed. For the purposes of section 269(a) (1), it is provided that…
2Cases cited8 opinions
- 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
- Thomas E. Snyder Sons Co. v. CommissionerUnited States Tax Court · 1960
- Coastal Oil Storage Company, and v. Commissioner of Internal Revenue, AndCourt of Appeals for the Fourth Circuit · 1957
- Commissioner of Internal Revenue v. British Motor Car Distributors, Ltd., a CorporationCourt of Appeals for the Ninth Circuit · 1960
3 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Concord Supply Corp. v. CommissionerUnited States Tax Court · 1962