A. C. Burton & Co. v. Commissioner
United States Tax Court
Burton, the owner of a sole proprietorship, organized a corporation in June, 1940. Personally, and through others, he subscribed for its entire capital stock of $ 100,000 and on the day the application for charter was executed he paid $ 50,000 cash, or one-half the subscriptions. On June 24, following the approval and filing of the application for charter by the proper state official, one-half of the stock was issued to Burton and his nominees.
Read the full summary
Burton, the owner of a sole proprietorship, organized a corporation in June, 1940. Personally, and through others, he subscribed for its entire capital stock of $ 100,000 and on the day the application for charter was executed he paid $ 50,000 cash, or one-half the subscriptions. On June 24, following the approval and filing of the application for charter by the proper state official, one-half of the stock was issued to Burton and his nominees. On June 25 Burton withdrew $ 49,000 from the corporation and applied it on an indebtedness of a third enterprise in which he was interested. From then…
1Opinion of the Court
OPINION.
TURNER, Judge:
The respondent determined deficiencies of $4,546.17 and $17,061.12 in the excess profits tax of A. C. Burton & Co. for 1942 and 1943, respectively.- The single issue presented is the correctness of respondent’s action in determining its excess profits tax credit on the invested capital basis.
The facts have been stipulated.
A. C. Burton & Co., sometimes herein referred to as the corporation, was a Texas corporation, had its principal place of business in Houston and filed its returns for 1942 and 1943 with the collector of internal revenue for the first district of Texas.
Fo…
2Cases cited1 opinion
- E. T. Renfro Drug Co. v. CommissionerUnited States Tax Court · 1948
3Cited by12 opinions
- Vest v. CommissionerUnited States Tax Court · 1971
- A. C. Burton & Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
- Dixie Portland Flour Co. v. CommissionerUnited States Tax Court · 1958
- Industrial Loan Soc. v. CommissionerUnited States Tax Court · 1950
- A. C. Burton & Co. v. CommissionerUnited States Tax Court · 1952
7 more not listed; retrieve them via the Exa API.