Meyer v. Commissioner
United States Tax Court
Elections were filed under section 112 (b) (7) in 1944 setting up the right thereto because of liquidation in November 1944. In February 1948, after deficiencies were determined upon the basis of much larger amounts than computed in making the elections, conditional rescissions of the elections were filed, in substance, contending for taxation in the lower amount depending upon computation under section 112 (b) (7) or section 115 (c), I. R. C.Held, on the facts, that it is…
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Elections were filed under section 112 (b) (7) in 1944 setting up the right thereto because of liquidation in November 1944. In February 1948, after deficiencies were determined upon the basis of much larger amounts than computed in making the elections, conditional rescissions of the elections were filed, in substance, contending for taxation in the lower amount depending upon computation under section 112 (b) (7) or section 115 (c), I. R. C.Held, on the facts, that it is not shown that the property of the liquidating corporations was not all transferred in one calendar month, as required…
1Opinion of the Court
OPINION.
Disney, Judge:
The question presented here arises from section 112 (b) (7) of the Internal Revenue Code, shown, so far as regarded necessary, in the margin.5 After a corporate reorganization in 1929, the corporations then formed merged in 1941 and the resulting corporation was liquidated, under the above statute, in 1944 and elections were filed by stockholders to be taxed thereunder. After determination of the deficiencies, involving the determination that the amount of taxable corporate earned surplus was (because of inclusion of $815,049.75 corporate surplus earned before the…
2Cases cited14 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Haggar Co. v. Helvering, Com'r of Internal RevenueSupreme Court of the United States · 1940
- J. E. Riley Investment Co. v. CommissionerSupreme Court of the United States · 1940
- Bazley v. CommissionerSupreme Court of the United States · 1947
- Pacific National Co. v. WelchSupreme Court of the United States · 1938
9 more not listed; retrieve them via the Exa API.
3Cited by24 opinions
- Mountain Water Co. v. CommissionerUnited States Tax Court · 1960
- Estate of Stamos v. CommissionerUnited States Tax Court · 1970
- National Lead Co. v. CommissionerUnited States Tax Court · 1963
- Johnston v. CommissionerUnited States Tax Court · 1955
- Dougherty v. CommissionerUnited States Tax Court · 1974
19 more not listed; retrieve them via the Exa API.