V. H. Monette & Co. v. Commissioner
United States Tax Court
1. Held, a corporation called Supreme and five corporations called the Monette companies were separate, distinct, viable, legal entities engaged in business activity during the years 1956 through 1959 and the net income reported by them was earned by them and is not taxable to a corporation called Incorporated under either section 61 or 482 of the 1954 Code. 2. Held, Supreme and the Monette companies were not formed for the "principal purpose" of obtaining a tax benefit and…
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1. Held, a corporation called Supreme and five corporations called the Monette companies were separate, distinct, viable, legal entities engaged in business activity during the years 1956 through 1959 and the net income reported by them was earned by them and is not taxable to a corporation called Incorporated under either section 61 or 482 of the 1954 Code. 2. Held, Supreme and the Monette companies were not formed for the "principal purpose" of obtaining a tax benefit and the respondent erred in disallowing under section 269 of the 1954 Code the surtax exemption of $ 25,000 to each…
1Opinion of the Court
Arundell, Judge:
[Respondent determined deficiencies in income tax in amounts as follows:
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By amendments to the petitions filed in docket Nos. 1306-63, and 1308-63 to 1313-63, inclusive, overpayments have been claimed, dependent upon the determination by this Court of issue 1, infra. The amounts of such contingent overpayments are not in dispute.
Petitioners concede that certain adjustments to commissions in the aggregate amounts of $86,466.19 for the taxable year ended October 31, 1958, and $19,992.82 for the taxable year ended October 31, 1959, were properly determined by the…
2Cases cited29 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Higgins v. SmithSupreme Court of the United States · 1940
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
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3Cited by31 opinions
- Golanty v. CommissionerUnited States Tax Court · 1979
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- Marc's Big Boy-Prospect, Inc. v. CommissionerUnited States Tax Court · 1969
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- Southeastern Canteen Co. And Canteen Service Co. Of Toledo, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Sixth Circuit · 1969
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