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KERR-COCHRAN, INC. v. COMMISSIONER

Docket No. 48271.

14 T.C.M. 304 (1955)

T.C. Memo. 1955-90

Kerr-Cochran, Incorporated, a Nebraska Corporation v. Commissioner.

United States Tax Court.

Filed April 15, 1955.

Attorney(s) appearing for the Case

James D. Conway, Esq., for the petitioner. Richard C. McLaughlin, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

Respondent determined a deficiency in petitioner's income tax for 1949 and 1950 of $35,621.01 and $25,727.93, respectively. The only issue involved herein is whether petitioner was availed of during the years in question for the purpose of preventing the imposition of surtax upon its shareholders through the medium of permitting its earnings or profits to accumulate instead of being divided or distributed.

Findings...

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