Lanman & Kemp-Barclay & Co. of Colombia v. Commissioner

26 T.C. 582 (1956)

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Lanman & Kemp-Barclay & Co. of Colombia v. Commissioner

United States Tax Court
26 T.C. 582 (1956)

  • Written by David Bloom, JD

Facts

The Colombian government imposed a patrimony tax, the equivalent of a property tax, on Lanman & Kemp-Barclay & Co. of Colombia (Lanman) (plaintiff). Under Colombian law, income tax levies, patrimony tax levies, and excess-profits tax levies were considered independent of each other but were assessed on taxpayers all at once as an indivisible, whole tax. Lanman filed a United States income tax return, claiming a foreign tax credit based on the patrimony tax imposed by the Colombian government. The Internal Revenue Service (IRS) (defendant) issued a deficiency notice, asserting that the Colombian patrimony tax did not qualify as a foreign tax credit. Lanman filed suit, seeking judicial review of the deficiency notice. Lanman argued that the Colombian patrimony tax was a substitute for an income tax, i.e., an in-lieu-of tax, creditable under the Internal Revenue Code.

Rule of Law

Issue

Holding and Reasoning (Kern, J.)

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Casebooks

International Taxation

Key Terms

  • Deficiency NoticeAn Internal Revenue Service notice that it has determined a taxpayer’s income tax return to be in error and giving the taxpayer the right to seek a contrary determination in the United States Tax Court.
  • Tax CreditA benefit that reduces a person’s tax liability. A tax credit lessens the amount of tax owed, whereas a tax deduction lessens the amount of taxable income.
  • Income TaxA tax imposed on a person’s or entity’s income, in distinction to other types of taxes, such as transfer taxes or property taxes.
  • Tax Refund ClaimA mechanism by which a taxpayer may seek a refund for overpayment of taxes from the federal government.
  • Income from Sources Outside the United States (Internal Revenue Code)Codified at 26 U.S.C. §§ 901–989, addresses the taxation of income earned abroad, including the earnings of United States citizens or residents living abroad, and foreign currency transactions.
  • Foreign Tax CreditA credit to a domestic entity against its income tax liability when the domestic entity pays foreign taxes on behalf of a foreign subsidiary.

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