American Can Co. v. Commissioner
United States Tax Court
1. Petitioner formerly leased, but refused to sell, the container-closing machines which it manufactured. Under an antitrust decree effective January 1, 1951, petitioner was ordered to offer its closing machines for sale. In compliance with the decree petitioner established a separate department relating to closing machines, which manufactured such machines and which leased and sold such machines, both those on hand as well as those manufactured thereafter by it.
Read the full summary
1. Petitioner formerly leased, but refused to sell, the container-closing machines which it manufactured. Under an antitrust decree effective January 1, 1951, petitioner was ordered to offer its closing machines for sale. In compliance with the decree petitioner established a separate department relating to closing machines, which manufactured such machines and which leased and sold such machines, both those on hand as well as those manufactured thereafter by it. Held, petitioner's sales of closing machines in 1953 did not qualify for capital gains treatment under section 117(j), I.R.C. 1939.…
1Opinion of the Court
American Can Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
American Can Co. v. Commissioner
Docket No. 69174
United States Tax Court
37 T.C. 198; 1961 U.S. Tax Ct. LEXIS 35;
November 16, 1961, Filed
Decision will be entered under Rule 50.
1. Petitioner formerly leased, but refused to sell, the container-closing machines which it manufactured. Under an antitrust decree effective January 1, 1951, petitioner was ordered to offer its closing machines for sale. In compliance with the decree petitioner established a separate department relating to closing machines, which…
Also in this document: Dissent · Opper; Dissent · Atkins.
2Cases cited55 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Brown v. HelveringSupreme Court of the United States · 1934
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
50 more not listed; retrieve them via the Exa API.