Opinion

Colt's Mfg. Co. v. Commissioner

  • 35 T.C. 78
  • 1960 U.S. Tax Ct. LEXIS 46
Court
United States Tax Court
Filed
Oct 21, 1960
Status
Published
Author
Drennen
On the bench
Drennen
Cited by
5 cases

The opinion

Drennen, J., dissenting: I do not think the 120,000 shares of its own stock purchased by the corporation was an asset “held at such time in good faith for the purposes of the business” within the meaning of section 437(c) defining equity capital, and therefore should not be included in the computation of the invested capital credit.

Pierce, J., agrees with this dissent.

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.

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