Legal Opinion
Donald J. Peracchi Judith E. Peracchi v. Commissioner of Internal Revenue
Court of Appeals for the Ninth Circuit
Decided April 29, 1998No. 96-70606PublishedCited by 11 opinions
1Opinion of the Court
Opinion by Judge KOZINSKI; Dissent by Judge FERNANDEZ.
KOZINSKI, Circuit Judge:
We must unscramble a Rubik’s Cube of corporate tax law to determine the basis of a note contributed by a taxpayer to his wholly-owned corporation.
The Transaction
The taxpayer, Donald Peracchi,1 needed to contribute additional capital to his closely-held corporation (NAC) to comply with Nevada’s minimum premium-to-asset ratio for insurance companies. Peracchi contributed two parcels of real estate. The parcels were encumbered with liabilities which together exceeded Peracchi’s total basis in the properties by more…
2Cases cited12 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Crane v. CommissionerSupreme Court of the United States · 1947
- Commissioner v. TuftsSupreme Court of the United States · 1983
- United States v. HendlerSupreme Court of the United States · 1938
- Seymour Sacks Star Sacks v. Commissioner, Internal Revenue Service, Michael R. Geyser Joyce Geyser v. Commissioner, Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1995
7 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Estate of Burton W. Kanter, Deceased, Joshua S. Kanter, and Naomi Kanter v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 2003
- Washington Mut. Inc. v. United StatesCourt of Appeals for the Ninth Circuit · 2011
- Principal Life Insurance v. United StatesUnited States Court of Federal Claims · 2006
- Coltec Industries, Inc. v. United StatesUnited States Court of Federal Claims · 2004
- Seggerman Farms, Inc. v. CommissionerCourt of Appeals for the Seventh Circuit · 2002
6 more not listed; retrieve them via the Exa API.