Lockhart Creamery v. Commissioner
United States Tax Court
1. Prior to January 1, 1938, petitioner was engaged in the business of manufacturing and selling butter, ice cream, and ice cream mix in the vicinity of Lockhart, Texas. On that date petitioner purchased a going milk processing plant in Austin, Texas.
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1. Prior to January 1, 1938, petitioner was engaged in the business of manufacturing and selling butter, ice cream, and ice cream mix in the vicinity of Lockhart, Texas. On that date petitioner purchased a going milk processing plant in Austin, Texas. Petitioner operated the business and it showed steady growth during 1938 and 1939. Held, petitioner changed the character of its business within the meaning of section 722 (b) (4) of the Internal Revenue Code; held, further, that petitioner was entitled to relief under section 722, and a constructive average base period net income has been…
1Opinion of the Court
Lockhart Creamery, Petitioner, v. Commissioner of Internal Revenue, Respondent
Lockhart Creamery v. Commissioner
Docket No. 27237
United States Tax Court
17 T.C. 1123; 1952 U.S. Tax Ct. LEXIS 298;
January 8, 1952, Promulgated
Decision will be entered under Rule 50.
1. Prior to January 1, 1938, petitioner was engaged in the business of manufacturing and selling butter, ice cream, and ice cream mix in the vicinity of Lockhart, Texas. On that date petitioner purchased a going milk processing plant in Austin, Texas. Petitioner operated the business and it showed steady growth during 1938 and 1939. Held,…
2Cases cited3 opinions
- Blum Folding Paper Box Co. v. CommissionerUnited States Tax Court · 1945
- East Texas Motor Freight Lines v. CommissionerUnited States Tax Court · 1946
- Lockhart Creamery v. CommissionerUnited States Tax Court · 1952