Lessinger v. Commissioner
United States Tax Court
Petitioner husband transferred the assets and related business liabilities of his sole proprietorship to his pre-existing wholly owned corporation. No additional stock or securities were issued to petitioner. Held: The exchange requirements of sec. 351, I.R.C. 1954, are met. To the extent that Abegg v. Commissioner, 50 T.C. 145 (1968), affd. on different grounds 429 F.2d 1209 (2d Cir. 1970), is inconsistent in this regard, it is overruled.
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Petitioner husband transferred the assets and related business liabilities of his sole proprietorship to his pre-existing wholly owned corporation. No additional stock or securities were issued to petitioner. Held: The exchange requirements of sec. 351, I.R.C. 1954, are met. To the extent that Abegg v. Commissioner, 50 T.C. 145 (1968), affd. on different grounds 429 F.2d 1209 (2d Cir. 1970), is inconsistent in this regard, it is overruled. Held, further, the liabilities assumed by the corporation are in excess of the adjusted basis of the transferred assets and, therefore, gain is recognized…
1Opinion of the Court
Sol Lessinger and Edith Lessinger, Petitioners v. Commissioner of Internal Revenue, Respondent
Lessinger v. Commissioner
Docket No. 24103-81
United States Tax Court
85 T.C. 824; 1985 U.S. Tax Ct. LEXIS 16; 85 T.C. No. 48;
November 20, 1985, Filed
Decision will be entered under Rule 155.
Petitioner husband transferred the assets and related business liabilities of his sole proprietorship to his pre-existing wholly owned corporation. No additional stock or securities were issued to petitioner. Held: The exchange requirements of sec. 351, I.R.C. 1954, are met. To the extent that Abegg v. Commissioner,…
2Cases cited25 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Sonnenborn v. CommissionerUnited States Tax Court · 1971
- J. E. Davant and Kathryn Davant v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. J. E. Davant and Kathryn DavantCourt of Appeals for the Fifth Circuit · 1966
- South Texas Rice Warehouse Co. v. CommissionerUnited States Tax Court · 1965
- McCoy v. CommissionerUnited States Tax Court · 1972
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