(Download) "Commissioner of Internal Revenue v. Whaling" by United States Court Of Appeals Sixth Circuit " Book PDF Kindle ePub Free

eBook details

Title: Commissioner of Internal Revenue v. Whaling
Author : United States Court Of Appeals Sixth Circuit
Release Date : January 10, 1960
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 73 KB

Description

The respondent, Spermacet Whaling & Shipping Co., is a corporation organized under the laws of the Republic of Panama.During the period of April, 1947, through the latter part of January, 1948, it participated in a fishing expedition for sperm whales and the production of sperm oil off the western coast of South America. It received from these operations during its fiscal year ending April 30, 1948, net income of $924,979.72. The respondent, as a foreign corporation, contends that not any of such net income is taxable to it by the United States. The Commissioner ruled otherwise and made a deficiency assessment of $351,492.29.