CHM Co. v. Commissioner
United States Tax Court
Subchapter S. -- In 1961 CHM Co. filed an election under sec. 1372 of subch. S of the Internal Revenue Code of 1954. One of its five shareholders filed a voluntary petition in bankruptcy under ch. XI of the Bankruptcy Act in 1963, and another shareholder filed a voluntary petition in proceedings under ch. XII of the Bankruptcy Act in 1969. Held, a corporation's status as an electing corporation under subch.
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Subchapter S. -- In 1961 CHM Co. filed an election under sec. 1372 of subch. S of the Internal Revenue Code of 1954. One of its five shareholders filed a voluntary petition in bankruptcy under ch. XI of the Bankruptcy Act in 1963, and another shareholder filed a voluntary petition in proceedings under ch. XII of the Bankruptcy Act in 1969. Held, a corporation's status as an electing corporation under subch. S is not terminated by the filing of petitions under ch. XI or XII by some of its shareholders.
1Opinion of the Court
CHM Company (Dissolved) by Richard A. McDougal, Erma E. McDougal, O.A. Church, Marie M. Hull and David W. Dresnick, Directors, Petitioner v. Commissioner of Internal Revenue, Respondent
CHM Co. v. Commissioner
Docket No. 1691-74
United States Tax Court
68 T.C. 31; 1977 U.S. Tax Ct. LEXIS 125;
April 11, 1977, Filed
Decision will be entered under Rule 155.
Subchapter S. -- In 1961 CHM Co. filed an election under sec. 1372 of subch. S of the Internal Revenue Code of 1954. One of its five shareholders filed a voluntary petition in bankruptcy under ch. XI of the Bankruptcy Act in 1963, and another…
2Cases cited12 opinions
- Nicholas v. United StatesSupreme Court of the United States · 1966
- Kean v. CommissionerCourt of Appeals for the Ninth Circuit · 1972
- Pacific Coast Music Jobbers, Inc. v. CommissionerUnited States Tax Court · 1971
- Pottstown Iron Co. v. United StatesSupreme Court of the United States · 1931
- Pacific Coast Music Jobbers, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1972
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