Quinn v. Commissioner
United States Board of Tax Appeals
A distribution by a corporation which is made as a step in the process of a complete liquidation must be applied against the aggregate basis of all the shareholder's irrespective of the contemporaneous surrender by the shareholder of some of his shares.
1Opinion of the Court
OPINION.
Steenhagen :
The Commissioner determined a deficiency of $29,-427.55 in the petitioner’s income tax for 1932. Three adjustments were made, only one of which remains in issue. The Commissioner added to petitioner’s income $231,294, with the following explanation :
*413(c) Dividends from the Holmby Corporation have been determined to be liquidating dividends and taxable as capital gain. The amount of $231,294 representing distributions made by the corporation is therefore included as capital gain for the reason that all distributions in 1932 are in excess of the cost basis of the stock which…
2Cases cited1 opinion
- Eisner v. MacOmberSupreme Court of the United States · 1920
3Cited by9 opinions
- Mattison v. United StatesDistrict Court, D. Idaho · 1958
- Schmidt v. CommissionerUnited States Tax Court · 1970
- St. Clair v. United StatesDistrict Court, S.D. California · 1950
- Karl G. Platen v. CommissionerUnited States Tax Court · 1953
- Kelly v. CommissionerUnited States Board of Tax Appeals · 1937
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