New England Foundry Corp. v. Commissioner
United States Tax Court
Held, that petitioner has established by a clear preponderance of the evidence that the transfer of property made to it by another corporation shortly after petitioner's formation was not made with a major purpose of obtaining the surtax exemption provided for in section 11(c) of the Internal Revenue Code of 1954; and accordingly that respondent erred in denying to the petitioner, pursuant to section 1551 of the 1954 Code, the benefit of such exemption for its taxable years…
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Held, that petitioner has established by a clear preponderance of the evidence that the transfer of property made to it by another corporation shortly after petitioner's formation was not made with a major purpose of obtaining the surtax exemption provided for in section 11(c) of the Internal Revenue Code of 1954; and accordingly that respondent erred in denying to the petitioner, pursuant to section 1551 of the 1954 Code, the benefit of such exemption for its taxable years ending July 3, 1959, and July 2, 1960.
1Opinion of the Court
New England Foundry Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
New England Foundry Corp. v. Commissioner
Docket No. 3535-63
United States Tax Court
44 T.C. 150; 1965 U.S. Tax Ct. LEXIS 91;
May 5, 1965, Filed
Decision will be entered under Rule 50.
Held, that petitioner has established by a clear preponderance of the evidence that the transfer of property made to it by another corporation shortly after petitioner's formation was not made with a major purpose of obtaining the surtax exemption provided for in section 11(c) of the Internal Revenue Code of 1954; and…
2Cases cited4 opinions
- Bush Hog Mfg. Co. v. CommissionerUnited States Tax Court · 1964
- Hiawatha Home Builders, Inc. v. CommissionerUnited States Tax Court · 1961
- Cronstroms Mfg., Inc. v. CommissionerUnited States Tax Court · 1961
- New England Foundry Corp. v. CommissionerUnited States Tax Court · 1965