Allied Industrial Cartage Co. v. Commissioner
United States Tax Court
Individual A owned 100 percent of the stock of corporate petitioner X and corporation Y. X's principal business was the leasing of real estate and trucks to Y. Held, individual A, through his ownership of Y's stock, will not be treated as an individual entitled to the use of X's property under sec. 543(a)(6), I.R.C. 1954.
1Opinion of the Court
Sterrett, Judge:
Respondent, on April 29, 1977, issued a statutory notice in which he determined a deficiency in petitioner’s Federal corporate income tax return for its taxable year ended February 28,1974, in the amount of $8,047.90. The narrow issue presented to the Court is whether the sole shareholder of a lessee corporation will be treated as “an individual entitled to the use of property” under section 543(a)(6), I.R.C. 1954.
FINDINGS OF FACT
This case was submitted under Rule 122, Tax Court Rules of Practice and Procedure, hence, all of the facts have been stipulated and are so found.
Petit…
2Cases cited4 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Bartels v. BirminghamSupreme Court of the United States · 1947
- Minnesota Mortuaries, Inc. v. CommissionerUnited States Tax Court · 1944
- 320 E. 47th Street Corp. v. CommissionerUnited States Tax Court · 1956
3Cited by6 opinions
- Insilco Corp. v. CommissionerUnited States Tax Court · 1979
- Silverman & Sons Realty Trust v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1980
- Allied Industrial Cartage Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1981
- Allied Industrial Cartage Co. v. CommissionerUnited States Tax Court · 1979
- Insilco Corp. v. CommissionerUnited States Tax Court · 1979
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