Estate of Lammerts v. Commissioner
United States Tax Court
1. The liquidation of petitioner, Lammerts, Inc., followed by the incorporation of a new corporation carrying on the same business did not constitute a sec. 368(a)(1)(F) reorganization where (a) the liquidation was undertaken pursuant to the testamentary directions of petitioners' deceased shareholder, (b) the decision to incorporate the new corporation was arrived at independently of the decision to liquidate the old corporation, (c) the persons possessing the proprietary…
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1. The liquidation of petitioner, Lammerts, Inc., followed by the incorporation of a new corporation carrying on the same business did not constitute a sec. 368(a)(1)(F) reorganization where (a) the liquidation was undertaken pursuant to the testamentary directions of petitioners' deceased shareholder, (b) the decision to incorporate the new corporation was arrived at independently of the decision to liquidate the old corporation, (c) the persons possessing the proprietary interest in the new corporation were not predominantly the same as the persons possessing the proprietary interest in the…
1Opinion of the Court
OPINION
Issue 1. Distribution of Assets to Petitioner; Ordinary Income \or Capital Gain.
The primary question in this case is whether the distribution by Lammerts (Old) of certain property, not transferred to Lammerts (New), resulted in ordinary income to the estate (pursuant to either section 3018 or section 3569) or capital gain (pursuant to section 33110). Respondent denies that such property was distributed pursuant to a section 331 liquidation. Instead, respondent views the several transactions before us as being no more than a continuation of Lam-mert (Old); or, in the alternative, as…
2Cases cited37 opinions
- Anderson v. HelveringSupreme Court of the United States · 1940
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Logan Lumber Company v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1966
- J. E. Davant and Kathryn Davant v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. J. E. Davant and Kathryn DavantCourt of Appeals for the Fifth Circuit · 1966
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3Cited by38 opinions
- Paula Constr. Co. v. CommissionerUnited States Tax Court · 1972
- Durovic v. CommissionerUnited States Tax Court · 1970
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- Estate of Di Rezza v. CommissionerUnited States Tax Court · 1982
- Latham Park Manor, Inc. v. CommissionerUnited States Tax Court · 1977
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