D'Angelo Assoc., Inc. v. Commissioner
United States Tax Court
Petitioner was organized on June 21, 1960, for the purpose of becoming the owner of the real property and equipment used by D in his business. Petitioner issued five-sixths of its original shares to D's children for $ 12,500, and one-sixth to D's spouse for $ 2,500. The $ 15,000 was supplied by D and his spouse.
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Petitioner was organized on June 21, 1960, for the purpose of becoming the owner of the real property and equipment used by D in his business. Petitioner issued five-sixths of its original shares to D's children for $ 12,500, and one-sixth to D's spouse for $ 2,500. The $ 15,000 was supplied by D and his spouse. Shortly thereafter on June 30, 1960, in a transaction formally designated a sale, D transferred his business assets to petitioner in exchange for $ 15,000, the assumption of a liability of D secured by the property transferred, and a $ 96,000 obligation of petitioner payable to D on…
1Opinion of the Court
Wilbur, Judge:
Respondent determined a deficiency in petitioner’s Federal income tax for the taxable year ended June 30, 1970, in the amount of $1,453.44. Because of concessions made by the parties, the following questions remain for our decision:(1) What is the proper basis for depreciating assets petitioner acquired shortly after incorporation. This question turns upon whether the transfer of these assets to petitioner constituted a nontaxable exchange within the provisions of section 351(a).1(2) Whether the premiums paid by petitioner for insurance on the life of Dr. Joseph P. D’Angelo are…
2Cases cited34 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- American Bantam Car Co. v. CommissionerUnited States Tax Court · 1948
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3Cited by19 opinions
- Packard v. CommissionerUnited States Tax Court · 1985
- Carbine v. CommissionerUnited States Tax Court · 1984
- John D. Carbine and Eleanor W. Carbine v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1985
- Gunther v. CommissionerUnited States Tax Court · 1989
- Ulysses G. Trivett, Jr. And Violet W. Trivett v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1979
14 more not listed; retrieve them via the Exa API.