Jacobson v. Commissioner
United States Tax Court
1. Held, Hudson Towers, Inc., was a collapsible corporation within the meaning of section 117(m) of the Internal Revenue Code of 1939 so that gain derived by petitioners on the sale of their stock is to be considered as gain from the sale or exchange of property which is not a capital asset. 2. Held: The 10 per cent stock ownership limitation of section 117(m)(3)(A) is not applicable to Rose M. Jacobson because shares owned by partners of her husband are attributable to her.
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1. Held, Hudson Towers, Inc., was a collapsible corporation within the meaning of section 117(m) of the Internal Revenue Code of 1939 so that gain derived by petitioners on the sale of their stock is to be considered as gain from the sale or exchange of property which is not a capital asset. 2. Held: The 10 per cent stock ownership limitation of section 117(m)(3)(A) is not applicable to Rose M. Jacobson because shares owned by partners of her husband are attributable to her. Sec. 117(m)(3)(A)(ii).
1Opinion of the Court
Tost JENS, Judge:
The Commissioner determined the following deficiencies in income tax and additions to tax under section 294(d) (2) of the Internal Revenue Code of 1939 for the year 1951:
Addition to taw for Docket No. Deficiency substantial underestimation
63483_ $3,155.59 _
63484_ 8, 820.40 ■ $529.22
63485_ 4, 515.29 _
63486_ 18,245.21 _
65629_ 10,128.64 1,028.74
A deficiency determined for the year 1952 in Docket No. 65629 has been conceded by petitioners.
The issues to be decided are (1) was Hudson Towers, Inc., a collapsible corporation under section 117 (m), I.E.C. 1939, so that gain realized…
2Cases cited5 opinions
- Raymond G. Burge and Kathleen E. Burge v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Arthur Glickman Herman Glickman and Ruth Glickman and Aaron Glickmand and Freda Glickman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- Burge v. CommissionerUnited States Tax Court · 1957
- Sidney v. CommissionerUnited States Tax Court · 1958
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