McDaniel v. Commissioner
United States Tax Court
Held, certain payments in redemption of stock were distributions in partial liquidation within section 115 (c) of the 1939 Code and not essentially equivalent to a taxable dividend within section 115 (g) of the 1939 Code.
1Opinion of the Court
OPINION.
Mulroney, Judge:
Under section 115 (c) of the Internal Revenue Code of 1939, amounts distributed in partial liquidation of a corporation are treated as in part or full payment in exchange for stock. A partial liquidation, as defined in section 115 (i), may be either a distribution by a corporation in complete cancellation or redemption of a part of its stock or one of a series of distributions in a complete cancellation or redemption of all or a portion of its stock.
It fairly appears from the taxpayer’s petition that he alleges: (1) the $13,500 received in redemption of the stock was…
2Cases cited15 opinions
- Wall v. United StatesCourt of Appeals for the Fourth Circuit · 1947
- Boyle v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1951
- R. D. Merrill Co. v. CommissionerUnited States Tax Court · 1945
- Kennemer v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1938
- Commissioner of Internal Revenue v. SniteCourt of Appeals for the Seventh Circuit · 1949
10 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Solitron Devices, Inc. v. CommissionerUnited States Tax Court · 1983
- Kessner v. CommissionerUnited States Tax Court · 1956
- Fowler Hosiery Co. v. CommissionerUnited States Tax Court · 1961
- Maguire v. CommissionerUnited States Tax Court · 1968
- French v. CommissionerUnited States Tax Court · 1956
10 more not listed; retrieve them via the Exa API.