Bone v. Commissioner
United States Tax Court
Held, for a new corporation to be treated as an "electing small business corporation" for its first taxable period, its election under sec. 1372, I.R.C. 1954, must be filed no later than 1 month after it acquires assets or begins business operations. Such time is not postponed by reason of a delay in the corporation receiving authorization to issue stock.
1Opinion of the Court
Thos. E. Bone and Veronica S. Bone, Petitioners v. Commissioner of Internal Revenue, Respondent; Thos. E. Bone, Petitioner v. Commissioner of Internal Revenue, Respondent
Bone v. Commissioner
Docket Nos. 3750-67, 3751-67
United States Tax Court
52 T.C. 913; 1969 U.S. Tax Ct. LEXIS 63;
September 8, 1969, Filed
Decisions will be entered for the respondent.
Held, for a new corporation to be treated as an "electing small business corporation" for its first taxable period, its election under sec. 1372, I.R.C. 1954, must be filed no later than 1 month after it acquires assets or begins business…
2Cases cited12 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Rink v. CommissionerUnited States Tax Court · 1969
- Pestcoe v. CommissionerUnited States Tax Court · 1963
- Weigman v. CommissionerUnited States Tax Court · 1967
- Feldman v. CommissionerUnited States Tax Court · 1966
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