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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