Legal Opinion
Commissioner of Internal Revenue v. Carter
Court of Appeals for the Second Circuit
Decided November 29, 1948No. 26, Docket 20999PublishedCited by 84 opinions
1Opinion of the Court
SWAN, Circuit Judge.
This appeal presents the question whether income received by the taxpayer in 1943 is taxable as long-term capital gain, as the Tax Court ruled, or as ordinary income as the Commissioner contends. The facts are not in dispute. The taxpayer, Mrs. Carter, had owned for ten years all the stock of a corporation which was dissolved on December 31, 1942. Upon its dissolution all of its assets were distributed to her in kind, subject to all its liabilities which she assumed. In the distribution she received property having a fair market value exceeding by about $20,000 the cost…
2Cases cited11 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- White v. United StatesSupreme Court of the United States · 1938
- Commissioner of Internal Revenue v. HopkinsonCourt of Appeals for the Second Circuit · 1942
- Helvering v. Chester N. Weaver Co.Supreme Court of the United States · 1938
- Nicholson v. CommissionerUnited States Tax Court · 1944
6 more not listed; retrieve them via the Exa API.
3Cited by84 opinions
- Albert Gersten, Myron P. Beck and Ann H. Beck, Milton Gersten and Mary Gersten v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1959
- Westover v. SmithCourt of Appeals for the Ninth Circuit · 1949
- Osenbach v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1952
- Fred M. Waring and Virginia Waring v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1969
- J. C. Williamson, Transferee of Williamson Well Service, Inc., a Dissolved Corporation v. United StatesUnited States Court of Claims · 1961
79 more not listed; retrieve them via the Exa API.