Legal Opinion

Vassallo v. Commissioner

United States Tax Court

Decided January 19, 1955No. Docket Nos. 27406, 27407PublishedCited by 87 opinions

1. Held, where individual kept no books or records and where those kept for his wholly owned corporation were inadequate, respondent was justified in using the net worth and sources and expenditures methods for determining petitioners' income and his determination thereof is upheld. 2. Held, further, where sole stockholder withdrew all of corporation's profits without reserve for any tax liability, he is liable for personal income taxes thereon even though corporation must…

Read the full summary

1. Held, where individual kept no books or records and where those kept for his wholly owned corporation were inadequate, respondent was justified in using the net worth and sources and expenditures methods for determining petitioners' income and his determination thereof is upheld. 2. Held, further, where sole stockholder withdrew all of corporation's profits without reserve for any tax liability, he is liable for personal income taxes thereon even though corporation must first pay corporate income tax on the same funds as its income. 3. Held, further, the deficiencies in all taxes herein…

1Opinion of the Court

OPINION.

Nice, Judge:

On the opening day of the hearing in this case the respondent submitted a motion for judgment by estoppel, as to the fraud issue relative to petitioner Eugene Vassallo for the years 1943 to 1945, inclusive, and relative to the corporation for the fiscal years ended March 31,1944 to 1946, inclusive, based on the conviction of petitioner in the United States District Court. The motion likewise sought judgment by estoppel as to the amount of tax for such years since the amounts thereof in the deficiency notice here were identical with the amounts set forth in the information…

2Cases cited5 opinions

  1. Holland v. United StatesSupreme Court of the United States · 1955
  2. Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
  3. Healy v. CommissionerSupreme Court of the United States · 1953
  4. Kilpatrick v. CommissionerUnited States Tax Court · 1954
  5. Talley v. CommissionerUnited States Tax Court · 1953

3Cited by87 opinions

  1. Stone v. CommissionerUnited States Tax Court · 1971
  2. Hradesky v. CommissionerUnited States Tax Court · 1975
  3. Amos v. CommissionerUnited States Tax Court · 1964
  4. Tomlinson v. LefkowitzCourt of Appeals for the Fifth Circuit · 1964
  5. Thomas Worcester v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1966

82 more not listed; retrieve them via the Exa API.

Showing a preview — retrieve the full document via the Exa API.

Powered by the Exa API