Gilmore v. Commissioner
United States Tax Court
Held, that a corporate distribution received by the petitioner in 1950 was a taxable dividend under section 115 (a) of the 1939 Internal Revenue Code, and that it cannot be regarded, under the facts of this case, as a portion of the consideration received by the petitioner in the sale of his stock to a third party.
1Opinion of the Court
OPINION.
Mulroney, Judge:
The respondent determined a deficiency of $598.34 in the petitioners’ income tax for the year 1950.
All of the facts have been stipulated and they are herein incorporated by this reference.
Merrill C. Gilmore and his wife, Ethel, residents of Ottumwa, Iowa, filed a joint income tax return for the year 1950 with the then collector of internal revenue for the district of Iowa at Des Moines, Iowa. Merrill C. Gilmore will hereinafter be referred to as the petitioner.
In 1949 the petitioner owned 303 shares of stock in the Ottumwa Hotel Company. The Ottumwa Hotel Company was…
2Cited by29 opinions
- Steel Improv. & Forge Co. v. CommissionerUnited States Tax Court · 1961
- Christensen v. CommissionerUnited States Tax Court · 1959
- Wilson v. CommissionerUnited States Tax Court · 1957
- Mathis v. CommissionerUnited States Tax Court · 1966
- West v. CommissionerUnited States Tax Court · 1962
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