Pomponio v. Commissioner
United States Tax Court
Petitioner, Arthur Pomponio, was a stockholder in two corporations which had secured loan commitments from the FHA to build multiple-unit apartments. The apartments were completed during the year 1949. During the taxable years 1950, 1951, and 1952, petitioner received cash distributions from the two corporations in excess of the amounts reported by petitioner as dividends and the cost to petitioner of his stock in those corporations.
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Petitioner, Arthur Pomponio, was a stockholder in two corporations which had secured loan commitments from the FHA to build multiple-unit apartments. The apartments were completed during the year 1949. During the taxable years 1950, 1951, and 1952, petitioner received cash distributions from the two corporations in excess of the amounts reported by petitioner as dividends and the cost to petitioner of his stock in those corporations. Held, such "excess" is taxable to petitioners as ordinary income under section 117(m), I.R.C. 1939, rather than as long-term capital gain under section 115(d),…
1Opinion of the Court
Arundell, Judge:
Respondent determined deficiencies in income tax for the calendar years 1950, 1951, and 1952 in the amounts of $9,374.40, $5,061.38, and $8,445.06, respectively.
The only issue remaining is whether certain cash distributions made by Donna Lee Corporation and Greenbrier Apartments, Inc., in the taxable years are taxable to petitioners as ordinary income or as long-term capital gains. Petitioners concede that the distribution of $218.84 made by Glebe Apartments, Inc., in the taxable year 1951 is taxable as ordinary income.
Teresa Pomponio is a party here only by reason of having…
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- Burge v. CommissionerUnited States Tax Court · 1957
- Sidney v. CommissionerUnited States Tax Court · 1958
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3Cited by7 opinions
- Arthur P. And Teresa Pomponio, Husband and Wife v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1961
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