Estate of Diecks v. Commissioner
United States Tax Court
Diecks (now deceased) owned 20 percent of the stock of Cable Vista. Cable Vista had built and operated a cable TV system. Before Cable Vista, a subch. S corporation, had reported any taxable income, Diecks and the other shareholders sold their stock at a substantial gain. Held: Although Cable Vista was a collapsible corporation, within the meaning of sec. 341(b), there was on the facts no net unrealized appreciation in Cable Vista's subsec.
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Diecks (now deceased) owned 20 percent of the stock of Cable Vista. Cable Vista had built and operated a cable TV system. Before Cable Vista, a subch. S corporation, had reported any taxable income, Diecks and the other shareholders sold their stock at a substantial gain. Held: Although Cable Vista was a collapsible corporation, within the meaning of sec. 341(b), there was on the facts no net unrealized appreciation in Cable Vista's subsec. (e) assets (ordinary income assets), hence sec. 341(e)(1) applied to cause Cable Vista not to be considered collapsible for purposes of sec. 341(a)(1).…
1Opinion of the Court
Estate of C. A. Diecks, Deceased, Moninda Diecks Coyle, Executrix, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Diecks v. Commissioner
Docket No. 1398-72
United States Tax Court
65 T.C. 117; 1975 U.S. Tax Ct. LEXIS 50;
October 23, 1975, Filed
Decision will be entered under Rule 155.
Diecks (now deceased) owned 20 percent of the stock of Cable Vista. Cable Vista had built and operated a cable TV system. Before Cable Vista, a subch. S corporation, had reported any taxable income, Diecks and the other shareholders sold their stock at a substantial gain. Held: Although Cable…
2Cases cited12 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Braunstein v. CommissionerSupreme Court of the United States · 1963
- United States v. Charles G. Eidson, Jr.Court of Appeals for the Fifth Circuit · 1962
- Nelson Weaver Realty Company, and Nelson Weaver Mortgage Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1962
- Clayton J. Charbonnet and Adelaide Tutt, Wife of Clayton J. Charbonnet v. United StatesCourt of Appeals for the Fifth Circuit · 1972
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