Schenley Indus., Inc. v. Comm'r of Internal Revenue, Docket Nos. 40964-40967.
| Decision Date | 15 April 1964 |
| Docket Number | Docket Nos. 40964-40967. |
| Citation | 42 T.C. 129 |
| Court | U.S. Tax Court |
| Parties | SCHENLEY INDUSTRIES, INC., A CORPORATION, SUCCESSOR BY MERGER TO PARK & TILFORD DISTILLERS CORPORATION, SUCCESSOR BY MERGER TO PARK & TILFORD IMPORT CORPORATION, ET AL.,1 PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT |
42 T.C. 129
SCHENLEY INDUSTRIES, INC., A CORPORATION, SUCCESSOR BY MERGER TO PARK & TILFORD DISTILLERS CORPORATION, SUCCESSOR BY MERGER TO PARK & TILFORD IMPORT CORPORATION, ET AL.,1 PETITIONERS,
v.COMMISSIONER OF INTERNAL REVENUE, RESPONDENT
Docket Nos. 40964-40967.
Tax Court of the United States.
Filed April 15, 1964.
OPINION TEXT STARTS HERE
Jacquin D. Bierman, for the petitioners.
Arthur N. Mindling, for the respondent.
1. Held: Park & Tilford Import Corp. qualifies for relief under section 722(b)(4) of the 1939 Code. Determination made of a fair and just amount representing normal earnings to be used in the taxpayer's constructive average base period net income.
2. Held, further, Park & Tilford Distillers Corp. not entitled to relief under section 722(b)(4).
3. Held, further, Bonnie Bros. not entitled to relief under section 722(b)(4) or (b)(5).
4. Held, further, Park & Tilford Distillery, Inc., not entitled to relief under section 722(c).
TRAIN, Judge:
Respondent determined deficiencies and petitioners claimed overpayments in the respective dockets for the years and in the amounts as follows:
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------+
¦Schenley Industries, Inc., a Corporation, Successor by Merger to Park & Tilford Distillers Corporation, Successor by Merger to Park & Tilford Import Corporation. ¦
¦ ¦
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------¦
¦DOCKET NO. 40964 ¦
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------¦
¦ ¦ ¦Petitioner's ¦
+----------------------------------------------+-------------------------------------------+------------------------------------------------------------------------¦
¦Calendar year ¦Deficiencies ¦claimed overpayments ¦
+----------------------------------------------+-------------------------------------------+------------------------------------------------------------------------¦
¦1940 ¦ ¦$64,614.20 ¦
+----------------------------------------------+-------------------------------------------+------------------------------------------------------------------------¦
¦1941 ¦ ¦209,258.47 ¦
+----------------------------------------------+-------------------------------------------+------------------------------------------------------------------------¦
¦1942 ¦$112,878.29 ¦900,221.10 ¦
+----------------------------------------------+-------------------------------------------+------------------------------------------------------------------------¦
¦1943 ¦151,056.30 ¦674,300.70 ¦
+----------------------------------------------+-------------------------------------------+------------------------------------------------------------------------¦
¦1944 ¦ ¦434,354.97 ¦
+----------------------------------------------+-------------------------------------------+------------------------------------------------------------------------¦
¦1945 ¦ ¦294,827.08 ¦
+-------------------------------------------------------------------------------------------------------------------------------------------------------------------+
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
¦Bonnie Bros. and Schenley Industries, Inc., Successor by Merger to Park & Tilford Distillers Corporation, Formerly Park & Tilford, Inc., Sole Stockholder at Time of Dissolution of Bonnie Bros. ¦
¦ ¦
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------¦
¦DOCKET NO.40965 ¦
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------¦
¦ ¦ ¦Petitioner's ¦
+------------------------------------------------------------------+------------------------------------------------------------+------------------------------------------------------------------¦
¦Calendar year ¦Deficiencies ¦claimed over- ¦
+------------------------------------------------------------------+------------------------------------------------------------+------------------------------------------------------------------¦
¦ ¦ ¦payment ¦
+------------------------------------------------------------------+------------------------------------------------------------+------------------------------------------------------------------¦
¦1941 ¦$9,423.27 ¦$9,423.27 ¦
+------------------------------------------------------------------+------------------------------------------------------------+------------------------------------------------------------------¦
¦1942 ¦35,761.32 ¦35,761.32 ¦
+--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------+
+-------------------------------------------------------------------------------------------------------------------------------------------------+
¦Schenley Industries, Inc., Successor by Merger to Park & Tilford Distillers Corporation, Successor by Merger to Park & Tilford Distillers, Inc. ¦
¦ ¦
+-------------------------------------------------------------------------------------------------------------------------------------------------¦
¦DOCKET NO. 40966 ¦
+-------------------------------------------------------------------------------------------------------------------------------------------------¦
¦ ¦ ¦Petitioner's ¦
+-------------------------------------------------+---------------------------------------------+-------------------------------------------------¦
¦Calendar year ¦Deficiencies ¦claimed over- ¦
+-------------------------------------------------+---------------------------------------------+-------------------------------------------------¦
¦ ¦ ¦payments ¦
+-------------------------------------------------+---------------------------------------------+-------------------------------------------------¦
¦1940 ¦ ¦$16,706.84 ¦
+-------------------------------------------------+---------------------------------------------+-------------------------------------------------¦
¦1941...To continue reading
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