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SERVICE BOLT & NUT CO. v. C.I.R.

Nos. 82-1619, 82-1620 and 82-1621.

724 F.2d 519 (1983)

SERVICE BOLT & NUT CO., Profit Sharing Trust, Service Bolt & Nut of Akron, Inc., Profit Sharing Trust, Service Bolt & Nut of Pennsylvania, Inc., Profit Sharing Trust, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals, Sixth Circuit.

Decided December 29, 1983.

Attorney(s) appearing for the Case

John P. Rice, Jr., argued, Cleveland, Ohio, for petitioners.

Kenneth W. Gideon, Chief Counsel, I.R.S., Robert A. Bernstein, John A. Dudeck, Jr., argued, Glenn L. Archer, Jr., and Michael L. Paup, Tax Div., Dept. of Justice, Washington, D.C., for respondent.

Before KENNEDY and CONTIE, Circuit Judges, and PECK, Senior Circuit Judge.

JOHN W. PECK, Senior Circuit Judge.

The principal issue raised by this appeal is one of first impression, namely, whether income received by profit sharing trusts qualified under § 401 of the Internal Revenue Code, 26 U.S.C. § 401,1 from their limited partnership interests constituted unrelated business taxable income under § 512. Other issues raised by this appeal include whether the taxpayers were liable for additions...

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