Gilbert v. Commissioner
United States Tax Court
Petitioner husband was the sole shareholder of corporation A and a 50-percent stockholder of B. A borrowed $ 20,000 and transferred that sum to B to enable B to redeem the remaining 50 percent of B's shares owned by petitioner husband's brother. Held, the transfer did not constitute a loan from A to B. Held, further, the transfer constituted a constructive dividend from A to petitioner husband.
1Opinion of the Court
Gilbert L. Gilbert and Flossie Gilbert, Petitioners v. Commissioner of Internal Revenue, Respondent
Gilbert v. Commissioner
Docket No. 8774-78
United States Tax Court
74 T.C. 60; 1980 U.S. Tax Ct. LEXIS 150;
April 15, 1980, Filed
Decision will be entered for the respondent.
Petitioner husband was the sole shareholder of corporation A and a 50-percent stockholder of B. A borrowed $ 20,000 and transferred that sum to B to enable B to redeem the remaining 50 percent of B's shares owned by petitioner husband's brother. Held, the transfer did not constitute a loan from A to B. Held, further, the transfer…
2Cases cited24 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Jasionowski v. CommissionerUnited States Tax Court · 1976
- Rushing v. CommissionerUnited States Tax Court · 1969
- W. B. Rushing v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1971
- Alterman Foods, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1975
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