Estate of David Wein, Deceased, and Estate of Edith Wein, Deceased, Sidney Wein v. Commissioner of Internal Revenue

Petitioner’s decedent as sole proprietor conducted a business known as David Wein Textiles. On February 25, 1955, he elected under Section 1361, Internal Revenue Code of 1954, to have that business taxed as a domestic corporation. Corporate income tax returns were filed under the name of David Wein Textiles for the taxable year 1954 and for the taxable period, January 1, 1955 to March 31, 1955. On April 1, 1955, David Wein Textiles ceased doing business in unincorporated form and its assets and liabilities were transferred to David Wein, Inc., a New Jersey corporation. The business was…