Legal Opinion
Supreme Investment Corp. v. United States
District Court, W.D. Louisiana
Decided December 11, 1970No. Civ. A. No. 14909PublishedCited by 1 opinion
1Opinion of the Court
OPINION
DAWKINS, Chief Judge.
Supreme Investment Corporation (Supreme) seeks refund of $852 plus interest for taxes allegedly illegally and erroneously paid for the fiscal year ending November 30, 1965. As in most tax cases, what really is at issue here, under the posture of principle, is principal. The principal involved is about $83,000 of potential income which could escape taxation. The principle in question is *1329whether plaintiff is entitled to a stepped-up basis on a note acquired by-liquidation of its subsidiary under provisions of the Internal Revenue Code more specifically discussed…
2Cases cited6 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Bobsee Corporation v. United StatesCourt of Appeals for the Fifth Circuit · 1969
- Blueberry Land Company, Inc. And Richmond Hill Land Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1966
- Bijou Park Properties, Inc. v. CommissionerUnited States Tax Court · 1966
- Green Light Company v. United StatesCourt of Appeals for the Fifth Circuit · 1968
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3Cited by1 opinion
- Supreme Investment Corporation v. United StatesCourt of Appeals for the Fifth Circuit · 1972