Legal Opinion
Arkansas Best Corp. v. Commissioner
Supreme Court of the United States
Decided March 7, 1988No. 86-751PublishedCited by 122 opinions
1Opinion of the CourtJustice Marshall
The issue presented in this case is whether capital stock held by petitioner Arkansas Best Corporation (Arkansas Best) is a “capital asset” as defined in § 1221 of the Internal Revenue Code regardless of whether the stock was purchased and held for a business purpose or for an investment purpose.
I
Arkansas Best is a diversified holding company. In 1968 it acquired approximately 65% of the stock of the National Bank of Commerce (Bank) in Dallas, Texas. Between 1969 and 1974, Arkansas Best more than tripled the number of shares it owned in the Bank, although its percentage interest in the Bank…
2Cases cited11 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Hort v. CommissionerSupreme Court of the United States · 1941
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
- United States v. Midland-Ross Corp.Supreme Court of the United States · 1965
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3Cited by122 opinions
- Reno v. Bossier Parish School BoardSupreme Court of the United States · 1997
- Rudolph Karlo v. Pittsburgh Glass Works LLCCourt of Appeals for the Third Circuit · 2017
- In the Matter of Roger Roy Larson and Joan Rosemary Larson, Debtors-AppellantsCourt of Appeals for the Seventh Circuit · 1988
- Martin Ice Cream Co. v. Comm'rUnited States Tax Court · 1998
- Commonwealth of Virginia v. BrownerCourt of Appeals for the Fourth Circuit · 1996
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