C. Blake McDowell, Inc. v. Commissioner
United States Tax Court
Petitioner, a personal holding company, paid deficiency dividends partly in cash and partly in other property which had a fair market value in excess of its adjusted basis in petitioner's hands.
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Petitioner, a personal holding company, paid deficiency dividends partly in cash and partly in other property which had a fair market value in excess of its adjusted basis in petitioner's hands. Held, sec. 1.562-1(a), Income Tax Regs., providing that the measure of the dividends-paid deduction for purposes of the personal holding company tax is the adjusted basis of the property, is valid, following Fulman v. United States, 545 F.2d 268 (1st Cir. 1976). Held, further, despite the foregoing, the Court is required to hold for petitioner herein in view of H. Wetter Manufacturing Co. v. United…
1ConcurrenceGoffe, J.
I agree with the majority that petitioner’s motion for summary judgment must be granted by reason of the policy enunciated in Jack E. Golsen, 54 T.C. 742, 757 (1970), affd. 445 F.2d 985 (10th Cir. 1971), because an appeal in the instant case would lie to the Sixth Circuit which has decided the identical issue favorably to petitioner, if. Wetter Manufacturing Co. v. United States, 458 F.2d 1033 (6th Cir. 1972). Because the majority has undertaken to express this Court’s view as to Wetter and the conflicting view of the First Circuit in Fulman v. United States, 545 F.2d 268 (1st Cir. 1976), it…
2Cases cited8 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- The H. Wetter Manufacturing Company v. United StatesCourt of Appeals for the Sixth Circuit · 1972
- Foley Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1938
- Arthur S. Fulman v. United StatesCourt of Appeals for the First Circuit · 1976
- General Securities Co. v. CommissionerCourt of Appeals for the Tenth Circuit · 1941
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