Source: http://openjurist.org/585/f2d/1190/sunbury-textile-mills-inc-v-commissioner-of-internal-revenue
Timestamp: 2013-12-07 18:32:21
Document Index: 722836130

Matched Legal Cases: ['§ 49', '§ 49', '§ 38', '§ 48', '§ 49', '§ 49', '§ 49', '§ 49']

585 F2d 1190 Sunbury Textile Mills Inc v. Commissioner of Internal Revenue | OpenJurist
585 F. 2d 1190 - Sunbury Textile Mills Inc v. Commissioner of Internal Revenue	Home585 f2d 1190 sunbury textile mills inc v. commissioner of internal revenue
585 F2d 1190 Sunbury Textile Mills Inc v. Commissioner of Internal Revenue 585 F.2d 1190
78-2 USTC P 9781, 25 UCC Rep.Serv. 642
SUNBURY TEXTILE MILLS, INC., Appellant,v.COMMISSIONER OF INTERNAL REVENUE.
Argued Sept. 8, 1978.Decided Oct. 31, 1978.
The question of whether the entire contract for 72 looms was binding on Sunbury in March of 1969 is vital because of the termination period created by § 49 of the Internal Revenue Code, 26 U.S.C. § 49,1 which suspended the investment credits in effect for the taxable years in question. Section 38 of the Code allows an investment credit for all property defined as "section 38 property." 26 U.S.C. § 38. The definition of this term is set out in § 48 of the Code and need not be examined in detail, for the Commissioner readily concedes that all 72 looms will qualify as "section 38 property" if the requirements of § 49 are satisfied. For our purposes it is sufficient to say that § 49(a)(2) excludes from "section 38 property" any property acquired by the taxpayer after April 18, 1969, other than pre-termination property; and § 49(b)(1) provides that any property shall be treated as pre-termination property if it was acquired pursuant to a contract that was, on April 18, 1969, and at all times thereafter, binding on the taxpayer. 26 U.S.C. §§ 49(a) and (b). Therefore, we must determine if such a contract existed between Sunbury and C&K for the 72 looms.
12. This writing is intended by the parties as a final expression of their Agreement and is intended also as a complete and exclusive statement of the terms of their Agreement, and shall not be modified except by a writing signed by the parties. This Agreement shall be governed by the Uniform Commercial Code, as adopted in the State of Massachusetts and as effective and in force on the date of this Agreement. Any action for breach of this Agreement must be commenced w