Greenspon v. Commissioner
United States Tax Court
1. Individual petitioners received in liquidation upon the dissolution of a corporation in which they were equal stockholders a quantity of industrial pipe that had been the stock in trade, or inventory, of the corporation. They formed a partnership to dispose of the pipe, adding nothing to the quantity they received. Held, the operation of the partnership for the sale of the pipe was a business, and the pipe was held for sale to customers in the regular course of business.
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1. Individual petitioners received in liquidation upon the dissolution of a corporation in which they were equal stockholders a quantity of industrial pipe that had been the stock in trade, or inventory, of the corporation. They formed a partnership to dispose of the pipe, adding nothing to the quantity they received. Held, the operation of the partnership for the sale of the pipe was a business, and the pipe was held for sale to customers in the regular course of business. Profits from the sale of the pipe are the ordinary income of the business and not capital gains from the sale of assets.…
1Opinion of the Court
OPINION.
Aeundell, Judge:
This case presents three questions which depend on different and distinct facts. We can, therefore, deal with the questions separately.
I. Capital Gains Issue.
The first question affects the individual petitioners, Louis Green-spon and his sister-in-law, Anna Greenspon, and concerns the treatment to be given to the proceeds of the sale of the industrial pipe which they received upon the liquidation and dissolution of the corporation, Joseph Greenspon’s Son Pipe Corporation, in which they were equal stockholders.
There appears to be no dispute about the evidentiary facts.…
2Cases cited10 opinions
- Rogers v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1940
- Thrift v. CommissionerUnited States Tax Court · 1950
- Farley v. CommissionerUnited States Tax Court · 1946
- Ehrman v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1941
- Richards v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1936
5 more not listed; retrieve them via the Exa API.
3Cited by89 opinions
- Challenge Mfg. Co. v. CommissionerUnited States Tax Court · 1962
- American Properties, Inc. v. CommissionerUnited States Tax Court · 1957
- Louis Greenspon v. Commissioner of Internal Revenue, (Three Cases). Anna Greenspon v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1956
- International Artists, Ltd. v. CommissionerUnited States Tax Court · 1970
- Coors v. CommissionerUnited States Tax Court · 1973
84 more not listed; retrieve them via the Exa API.