Cooper v. Commissioner
United States Tax Court
The petitioners, who were shareholders in a corporation, entered into an agreement establishing an alleged joint venture to provide additional funds to the corporation equal to its accumulated net operating loss. The alleged joint venture conducted no other activities. Held, under the circumstances, the alleged joint venture served no business purpose and shall be disregarded for tax purposes; the transaction is in reality a contribution of capital to the corporation.
1Opinion of the Court
Richard M. Cooper and Mary J. Cooper, et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Cooper v. Commissioner
Docket Nos. 2496-72, 2497-72, 2498-72, 2499-72
United States Tax Court
61 T.C. 599; 1974 U.S. Tax Ct. LEXIS 155; 61 T.C. No. 64;
February 4, 1974, Filed
Decisions will be entered for the respondent.
The petitioners, who were shareholders in a corporation, entered into an agreement establishing an alleged joint venture to provide additional funds to the corporation equal to its accumulated net operating loss. The alleged joint venture conducted no other activities. Held,…
2Cases cited13 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Higgins v. SmithSupreme Court of the United States · 1940
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- National Investors Corporation v. HoeyCourt of Appeals for the Second Circuit · 1944
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