Burke v. Commissioner
United States Tax Court
Petitioners were engaged in the wholesale distribution of radio parts and supplies in Pueblo, Colo. They owned all of the stock of L. B. Walker Radio Co. of Pueblo, which was organized in 1947 to succeed to the business formerly operated in proprietorship and partnership form.
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Petitioners were engaged in the wholesale distribution of radio parts and supplies in Pueblo, Colo. They owned all of the stock of L. B. Walker Radio Co. of Pueblo, which was organized in 1947 to succeed to the business formerly operated in proprietorship and partnership form. They had a branch outlet in Grand Junction, Colo., which they incorporated as a separate company in 1957. Stock in the new corporation was issued to the Pueblo corporation in exchange for its Grand Junction assets and all of this stock was distributed pro rata to petitioners. Held, the distribution of stock in the Grand…
1Opinion of the Court
Hott, Judge:
The Commissioner determined income tax deficiencies for the calendar year 1957 as follows:
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These cases were consolidated for trial and brief. The sole issue is whether the distribution to petitioners in 1957 of stock of L. B. Walker Radio Co. of Grand Junction was tax free under the provisions of section 355 of the Internal Revenue Code of 1954.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
Petitioner, Patricia W. Burke, is a single individual residing in Pueblo, Colo., and the petitioners, L. B. Walker and Mildred O. Walker, are husband and…
2Cases cited5 opinions
- Coady v. CommissionerUnited States Tax Court · 1960
- United States v. W. W. Marett and Ruth MarettCourt of Appeals for the Fifth Circuit · 1963
- Mother Lode Coalition Mines Co. v. CommissionerSupreme Court of the United States · 1942
- Badanes v. CommissionerUnited States Tax Court · 1962
- Lester v. CommissionerUnited States Tax Court · 1963
3Cited by13 opinions
- Atlee v. CommissionerUnited States Tax Court · 1976
- Nielsen v. CommissionerUnited States Tax Court · 1973
- Olson v. CommissionerUnited States Tax Court · 1967
- Estate of Lockwood v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1965
- Boettger v. CommissionerUnited States Tax Court · 1968
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