Justice Steel, Inc. v. Commissioner
United States Tax Court
Individual petitioners owned all of the stock in corporate petitioner and were two of eight stockholders in another, unrelated corporation. All of the stockholders in the unrelated corporation, including individual petitioners, guaranteed performance of a lease executed by that corporation. The unrelated corporation went out of business and the lease was not honored.
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Individual petitioners owned all of the stock in corporate petitioner and were two of eight stockholders in another, unrelated corporation. All of the stockholders in the unrelated corporation, including individual petitioners, guaranteed performance of a lease executed by that corporation. The unrelated corporation went out of business and the lease was not honored. A suit to obtain performance of the lease was instituted, naming the individual petitioners among the defendants. A settlement of the suit was reached. The corporate petitioner paid the portion of the settlement payment owed by…
1Opinion of the Court
JUSTICE STEEL, INC., ET AL., 1 Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent.
Justice Steel, Inc. v. Commissioner
Docket Nos. 11034-77, 11035-77, 11036-77
United States Tax Court
T.C. Memo 1980-466; 1980 Tax Ct. Memo LEXIS 115; 41 T.C.M. (CCH) 209; T.C.M. (RIA) 80466;
October 21, 1980, Filed
Individual petitioners owned all of the stock in corporate petitioner and were two of eight stockholders in another, unrelated corporation. All of the stockholders in the unrelated corporation, including individual petitioners, guaranteed performance of a lease executed by that corporation. The…
2Cases cited39 opinions
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- Higgins v. CommissionerSupreme Court of the United States · 1941
- Whipple v. CommissionerSupreme Court of the United States · 1963
- Commissioner v. TellierSupreme Court of the United States · 1966
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