Chesbro v. Commissioner
United States Tax Court
1. Income -- Dividends. -- A corporation's reported profits in excess of taxes which were received and retained by the corporation's three stockholders were taxable dividends to the stockholders. 2. Deduction -- Loss -- Demolition of Building. -- There was no intention at the time of acquisition to demolish a building, and a corporation is entitled to a deductible loss resulting from the later demolition of the building. 3. Deduction -- Accrual -- New York State Franchise…
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1. Income -- Dividends. -- A corporation's reported profits in excess of taxes which were received and retained by the corporation's three stockholders were taxable dividends to the stockholders. 2. Deduction -- Loss -- Demolition of Building. -- There was no intention at the time of acquisition to demolish a building, and a corporation is entitled to a deductible loss resulting from the later demolition of the building. 3. Deduction -- Accrual -- New York State Franchise Tax. -- A corporation is entitled to accrue additional New York State franchise tax based upon increased income resulting…
1Opinion of the Court
OPINION.
Murdock, Judge:
The books maintained for the various businesses were obviously incorrect and intentionally false. They contained many entries showing amounts as sales prices which were not the actual sales prices. Jack, Carl, and Morris had the books show only O. P. A. ceiling prices while the O. P. A. restrictions were in effect,, although they admit that most of the sales were made at prices in excess of those permitted by O. P. A., and they now claim that most of their purchases were likewise made at costs greater than they were permitted to pay under the O. P. A. restrictions. They…
2Cases cited2 opinions
- Paramount-Richards Theatres, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1946
- Hadley v. CommissionerCourt of Appeals for the D.C. Circuit · 1929
3Cited by95 opinions
- Otsuki v. CommissionerUnited States Tax Court · 1969
- Gene O. Clark and Faye Clark v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1959
- Arctic Ice Cream Co. v. CommissionerUnited States Tax Court · 1964
- Estate of Beck v. Comm'rUnited States Tax Court · 1971
- Stein v. CommissionerUnited States Tax Court · 1956
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