Sidney v. Commissioner
United States Tax Court
1. Taxpayers organized two corporations for the purpose of constructing two housing projects with F. H. A.-secured loans.
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1. Taxpayers organized two corporations for the purpose of constructing two housing projects with F. H. A.-secured loans. The cost of construction was less than the amount of the loans and from the excess and from current earnings distributions were made to the taxpayers in January and February 1950 and in August 1951. Construction had been substantially completed immediately prior to the distributions in 1950. Held, the corporations were collapsible corporations and the distributions to the extent that they were made from the excess of mortgage proceeds over costs of construction were…
1Opinion of the Court
The respondent determined deficiencies in income taxes in these consolidated cases as follows:
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The issues for decision are whether any of the gain realized by petitioners upon the distribution of cash received by them in 1950 and 1951 from two corporations is gain from the sale or exchange of property which is not a capital asset as provided in section 117 (m) (1) of the Internal Revenue Code of 1939, and whether respondent has the burden of proof in Docket Nos. 60520 and 60521 by allegedly raising-new matter in amended answers filed therein. Due to mathematical errors in the…
2Cases cited4 opinions
- Raymond G. Burge and Kathleen E. Burge v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Arthur Glickman Herman Glickman and Ruth Glickman and Aaron Glickmand and Freda Glickman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- Payne v. CommissionerUnited States Tax Court · 1958
- August v. CommissionerUnited States Tax Court · 1958
3Cited by45 opinions
- Rose v. CommissionerUnited States Tax Court · 1970
- C. D. Spangler and Veva C. Spangler v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- Bryan v. CommissionerUnited States Tax Court · 1959
- Sidney v. CommissionerCourt of Appeals for the Second Circuit · 1960
- Temkin v. CommissionerUnited States Tax Court · 1961
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