Moffatt v. Commissioner
United States Tax Court
Held, distributions to shareholders were incident to a plan of reorganization, secs. 368(a)(1)(D) and 354(b)(1)(A), I.R.C. 1954, taxable as dividends to the extent provided in section 356(a) (2), rather than as capital gains pursuant to sections 331 and 346 dealing with corporate liquidations.
1Opinion of the Court
OPINION
Eaiot, Judge:
Petitioners received certain distributions from Mof-fatt & Nichol, Inc., in 1958 and 1959 in the course of the liquidation of that corporation. They treated such distributions as being in exchange for tlieir stock and determined capital gains tliereon by subtracting the cost of their stock from the amounts distributed to them.3 And they offset against such capital gains their unused capital loss carry-covers from 1954-57 as well as their nonbusiness bad debt losses incurred in 1959. If that’s all there were to the matter, petitioners’ position would be unassailable, and…
2Cases cited33 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Minnesota Tea Co. v. HelveringSupreme Court of the United States · 1938
- Heller v. CommissionerUnited States Tax Court · 1943
- Survaunt v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1947
- American Metal Products Corp. v. CommissionerUnited States Tax Court · 1960
28 more not listed; retrieve them via the Exa API.
3Cited by36 opinions
- James Armour, Inc. v. CommissionerUnited States Tax Court · 1964
- Berghash v. CommissionerUnited States Tax Court · 1965
- Wilson v. CommissionerUnited States Tax Court · 1966
- American Mfg. Co. v. CommissionerUnited States Tax Court · 1970
- Atlas Tool Co. v. CommissionerUnited States Tax Court · 1978
31 more not listed; retrieve them via the Exa API.