Unitex Industries, Inc. v. Commissioner of Internal Revenue

Fifth Circuit

Unitex Industries, Inc. v. Commissioner of Internal Revenue

267 F.2d 40, 3 A.F.T.R.2d (RIA) 1485, 1959 U.S. App. LEXIS 3829

CourtCourt of Appeals for the Fifth Circuit

DecidedMay 21, 1959

Docket17520

StatusPublished

Cited by2 cases

This text of 267 F.2d 40 (Unitex Industries, Inc. v. Commissioner of Internal Revenue) is published on Counsel Stack Legal Research, covering Court of Appeals for the Fifth Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Unitex Industries, Inc. v. Commissioner of Internal Revenue, 267 F.2d 40, 3 A.F.T.R.2d (RIA) 1485, 1959 U.S. App. LEXIS 3829 (5th Cir. 1959).

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Opinion

PER CURIAM.

The Tax Court decided that certain payments made by the petitioner, Unitex Industries, Inc., were to be treated, for Federal income tax purposes, as dividends on its preferred stock rather than as deductible interest expense. Unitex Industries, Inc. v. Commissioner, 30 T.C. 468. We find ourselves in agreement *41 with the determination of the Tax Court. See United States v. South Georgia Railway Co., 5 Cir., 1939, 107 F.2d 3; Staked Plains Trust, Ltd. v. Commissioner, 5 Cir., 1944, 143 F.2d 421; Hercules Gasoline Co. v. Commissioner, 5 Cir., 1945, 147 F.2d 972, affirmed 326 U.S. 425, 66 S.Ct. 222, 90 L.Ed. 177, rehearing denied 326 U.S. 812, 66 S.Ct. 471, 90 L.Ed. 496. The decision of the Tax Court is

Affirmed.

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PER CURIAM.

The Tax Court decided that certain payments made by the petitioner, Unitex Industries, Inc., were to be treated, for Federal income tax purposes, as dividends on its preferred stock rather than as deductible interest expense. Unitex Industries, Inc. v. Commissioner, 30 T.C. 468. We find ourselves in agreement *41 with the determination of the Tax Court. See United States v. South Georgia Railway Co., 5 Cir., 1939, 107 F.2d 3; Staked Plains Trust, Ltd. v. Commissioner, 5 Cir., 1944, 143 F.2d 421; Hercules Gasoline Co. v. Commissioner, 5 Cir., 1945, 147 F.2d 972, affirmed 326 U.S. 425, 66 S.Ct. 222, 90 L.Ed. 177, rehearing denied 326 U.S. 812, 66 S.Ct. 471, 90 L.Ed. 496. The decision of the Tax Court is

Affirmed.

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267 F.2d 40, 3 A.F.T.R.2d (RIA) 1485, 1959 U.S. App. LEXIS 3829, Counsel Stack Legal Research, https://law.counselstack.com/opinion/unitex-industries-inc-v-commissioner-of-internal-revenue-ca5-1959.

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