Tri-City Dr. Pepper Bottling Co. v. Commissioner
United States Tax Court
Petitioner claimed an investment credit under sec. 38, I.R.C. 1954, for the taxable year ended Mar. 31, 1969, and had been allowed similar credits for prior years. Effective for its taxable year beginning Apr. 1, 1969, and subsequent years, petitioner made an election under sec. 1372(b), I.R.C. 1954, to become an electing small business corporation.
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Petitioner claimed an investment credit under sec. 38, I.R.C. 1954, for the taxable year ended Mar. 31, 1969, and had been allowed similar credits for prior years. Effective for its taxable year beginning Apr. 1, 1969, and subsequent years, petitioner made an election under sec. 1372(b), I.R.C. 1954, to become an electing small business corporation. Neither petitioner nor its shareholders executed the agreement prescribed by sec. 1.47-4(b)(2), Income Tax Regs., relating to the "recapture tax" provided by sec. 47(a)(1), I.R.C. 1954. Held, sec. 1.47-4(b)(2), Income Tax Regs., is valid and…
1Opinion of the Court
OPINION
Featherston, Judge:
Respondent determined a deficiency in petitioner’s Federal income tax for its fiscal year ended March 31, 1969, in the amount of $5,469.08. The issue for decision is whether petitioner is liable under section 47 (a) (1) 1 for an investment credit “recapture tax” as a result of its election under section 1372 to become an electing small business corporation commencing April 1,1969.
Petitioner is a Texas corporation with its principal office in Stanton, Tex. It filed its income tax return for the fiscal year ended March 31, 1969, with the Internal Revenue Service in…
2Cases cited5 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. CorrellSupreme Court of the United States · 1967
- Brewster v. GageSupreme Court of the United States · 1930
- M. E. Blatt Co. v. United StatesSupreme Court of the United States · 1938
- Clayton J. Charbonnet and Adelaide Tutt, Wife of Clayton J. Charbonnet v. United StatesCourt of Appeals for the Fifth Circuit · 1972
3Cited by9 opinions
- Bell Fibre Products Corp. v. CommissionerUnited States Tax Court · 1976
- Phyllis Ranier, Harry H. Ranier, and Juda Ranier v. United StatesCourt of Appeals for the Sixth Circuit · 1989
- Brown v. CommissionerUnited States Tax Court · 1980
- Barlow v. CommissionerUnited States Tax Court · 1975
- Bell Fibre Products Corp. v. CommissionerUnited States Tax Court · 1976
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