American Food Products Corp. v. Commissioner
United States Tax Court
Petitioner, a domestic corporation, purchased products in the United States and resold them to purchasers in Venezuela during 1948, 1949, and 1950. It maintained offices and employed agents in Venezuela for the purpose of soliciting orders which were subject to final confirmation by its New York City office.
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Petitioner, a domestic corporation, purchased products in the United States and resold them to purchasers in Venezuela during 1948, 1949, and 1950. It maintained offices and employed agents in Venezuela for the purpose of soliciting orders which were subject to final confirmation by its New York City office. Title to the goods which it sold passed to the purchasers when the goods were delivered to the ocean carriers in New York City, and petitioner received payment from a New York bank under letters of credit. Held, less than 95 per cent of petitioner's gross income was derived from sources…
1Opinion of the Court
OPINION.
Rice, Judge:
This proceeding involves the following deficiencies in income tax:
Income ton deficiency
Fiscal period Jan. 1, 1948-Nov. 30, 1948-$8, 074. 90
Fiscal year ended Nov. 30,1949___ 10,225. 68
Fiscal year ended Nov. 30,1950- 146.81
The sole issue is whether petitioner was a Western Hemisphere trade corporation within the meaning of section 109 of the 1939 Code during the years in issue.
All of the facts were stipulated, are so found, and are incorporated herein by this reference.
The petitioner was incorporated in December 1947 under the laws of the State of New York, and during the…
2Cases cited6 opinions
- Compañia General De Tabacos De Filipinas v. Collector of Internal RevenueSupreme Court of the United States · 1929
- United States v. BalanovskiCourt of Appeals for the Second Circuit · 1956
- Commissioner of Internal Revenue v. East Coast Oil Co.Court of Appeals for the Fifth Circuit · 1936
- Commissioner of Internal Rev. v. PIEDRAS NEGRAS B. CO.Court of Appeals for the Fifth Circuit · 1942
- Amtorg Trading Corporation v. HigginsCourt of Appeals for the Second Circuit · 1945
1 more not listed; retrieve them via the Exa API.
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- Topps of Canada, Ltd. v. CommissionerUnited States Tax Court · 1961
- Finnie Co. v. United StatesUnited States Tax Court · 1959
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