Farmers Cooperative Co. v. Commissioner
United States Tax Court
1. Held, exclusions claimed by petitioner, a nonexempt farmers' cooperative, for patronage refunds disallowed since its refundable earnings were not properly allocated pursuant to the provisions in the respondent's regulations. Regs. 118, sec. 39.101(12)-2(b)(3); Income Tax Regs., sec. 1.522-1(b)(3). 2. Held, petitioner failed to make a timely election under section 169(b), I.R.C. 1954, to amortize a grain storage facility completed in June 1954.
1Opinion of the Court
Withey, Judge:
The respondent determined deficiencies in
petitioner’s income tax for the years and in the amounts as follows:
Year Amount
1953_ $287.27
1954_ 3,319.34
The issues presented for our decision are the correctness of the respondent’s action in determining (1) that the patronage refunds of the petitioner for 1953 and 1954 are not excludible from its gross income and (2) that petitioner did not make a timely election to amortize a grain storage facility under section 169 of the Internal Revenue Code of 1954.
Additional issues presented by the pleadings have been settled by stipulation of…
2Cases cited10 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Manhattan General Equipment Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Farmers Cooperative Co. v. BirminghamDistrict Court, N.D. Iowa · 1949
- Pomeroy Coop. Grain Co. v. CommissionerUnited States Tax Court · 1958
- Long Poultry Farms, Incorporated v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1957
5 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Union Equity Cooperative Exchange v. CommissionerUnited States Tax Court · 1972
- Farmers Cooperative Company v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1961
- Riverfront Groves, Inc. v. CommissionerUnited States Tax Court · 1973
- Consumers Credit Rural Electric Cooperative Corp. v. CommissionerUnited States Tax Court · 1961
- Petaluma Co-operative Creamery v. CommissionerUnited States Tax Court · 1969
13 more not listed; retrieve them via the Exa API.