# Colt's Mfg. Co. v. Commissioner

> United States Tax Court · October 21, 1960 · 35 T.C. 78

URL: https://www.frixlaw.com/law-library/cases/4479042

## Case

- **Full name:** Colt's Manufacturing Company v. Commissioner of Internal Revenue
- **Court:** United States Tax Court
- **Decided:** October 21, 1960
- **Citations:** 35 T.C. 78; 1960 U.S. Tax Ct. LEXIS 46
- **Precedential status:** Published
- **Opinion:** Dissent by Drennen
- **Judges:** Drennen
- **Cited by:** 5 later opinions in the Frix Law Library

## Citator (automated)

- No negative treatment found by the automated citator. That is not the same as a confirmation that the case is good law; read the citing cases.
- Full citator and citing cases: https://www.frixlaw.com/law-library/cases/4479042

## Opinion text

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.

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Source: Frix Law Library, https://www.frixlaw.com/law-library/cases/4479042. Public record. Not legal advice.