Rothstein v. Commissioner
United States Tax Court
Ps signed employment agreements which provided, inter alia, for each of them to receive 12 1/2 percent of the amount, if any, by which the adjusted proceeds from a sale of substantially all of the assets of their employer corporation exceeded $ 825,000. The employment agreements contained no provisions for Ps to be issued stock certificates or for Ps to have any rights of stockholders. No stock certificates in fact ever were issued to Ps.
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Ps signed employment agreements which provided, inter alia, for each of them to receive 12 1/2 percent of the amount, if any, by which the adjusted proceeds from a sale of substantially all of the assets of their employer corporation exceeded $ 825,000. The employment agreements contained no provisions for Ps to be issued stock certificates or for Ps to have any rights of stockholders. No stock certificates in fact ever were issued to Ps. Ps subsequently each received, pursuant to the employment agreements, $ 627,866 on account of the sale of all the assets of the employer corporation. Held,…
1Opinion of the Court
Robert and Ann Rothstein, Petitioners v. Commissioner of Internal Revenue, Respondent; Eugene and Lois Cole, Petitioners v. Commissioner of Internal Revenue, Respondent
Rothstein v. Commissioner
Docket Nos. 11535-85, 19524-86
United States Tax Court
90 T.C. 488; 1988 U.S. Tax Ct. LEXIS 34; 90 T.C. No. 34;
March 30, 1988; As amended April 4, 1988 March 30, 1988, Filed
Decisions will be entered under Rule 155.
Ps signed employment agreements which provided, inter alia, for each of them to receive 12 1/2 percent of the amount, if any, by which the adjusted proceeds from a sale of substantially all of…
2Cases cited23 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Burnet v. HarmelSupreme Court of the United States · 1932
- Grodt & McKay Realty, Inc. v. CommissionerUnited States Tax Court · 1981
- Commissioner v. DanielsonCourt of Appeals for the Third Circuit · 1967
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
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