Legal Opinion
Adams Brothers Company v. Commissioner of Internal Revenue
Court of Appeals for the Eighth Circuit
Decided May 12, 1955No. 15207PublishedCited by 7 opinions
1Opinion of the Court
COLLET, Circuit Judge.
The question for determination is whether money advanced as operating capital by a parent corporation to its wholly owned but independently operated subsidiary corporation was “borrowed invested capital” as defined by Sec. 719 (a) (1) of the Internal Revenue Code of 1939, 26 U.S.C. 1952 ed„ § 719. If it was, the subsidiary’s excess profits taxes for the years involved, 1942 to 1945 inclusive, would be reduced accordingly. The Commissioner held the advances constituted an open account and did not qualify as borrowed invested capital under Section 719(a) (1). The Tax Court…
2Cases cited6 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Meier v. Commissioner of Internal Revenue (Two Cases)Court of Appeals for the Eighth Circuit · 1952
- Helvering v. JohnsonCourt of Appeals for the Eighth Circuit · 1939
- Brewster Shirt Corp. v. CommissionerCourt of Appeals for the Second Circuit · 1947
- Bernard Realty Co. v. United StatesCourt of Appeals for the Seventh Circuit · 1951
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Sam Frank, Jr., and Esther Frank, Willie L. McNatt and Helen C. McNatt v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1963
- Haberman Farms, Inc. v. United StatesCourt of Appeals for the Eighth Circuit · 1962
- M. O. Rife and Maidee W. Rife v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1966
- District of Columbia v. Louis NeymanCourt of Appeals for the D.C. Circuit · 1969
- Asheville Mica Co. v. CommissionerUnited States Tax Court · 1960
2 more not listed; retrieve them via the Exa API.