Johnson Trust v. Commissioner
United States Tax Court
In 1973 C corporation redeemed all of its stock held by the petitioning trust. Thereafter the trustees of petitioner and the beneficiary of petitioner filed sec. 302(c)(2), I.R.C. 1954, waiver agreements.
Read the full summary
In 1973 C corporation redeemed all of its stock held by the petitioning trust. Thereafter the trustees of petitioner and the beneficiary of petitioner filed sec. 302(c)(2), I.R.C. 1954, waiver agreements. Held, because of the waiver agreement filed on behalf of petitioner by the trustees, the stock of the mother of the beneficiary of petitioner cannot be attributed to petitioner, and the distribution in redemption of petitioner's stock in C corporation should be treated under sec. 302(a) as a distribution in exchange for the stock in a complete redemption within the meaning of sec. 302(b)(3).…
1Opinion of the Court
Scott, Judge:
Respondent determined deficiencies of $2,874.19 and $29,085.68 in petitioner’s Federal income taxes for the calendar years 1972 and 1973, respectively. All of the issues raised by the pleadings for the year 1972 and some of the issues raised by the pleadings for the year 1973 have been disposed of by the parties, leaving for our decision only whether the redemption in 1973 by Crescent Oil Co., Inc. (Crescent Oil), of all its stock owned by petitioner should be treated under section 302,1.R.C. 1954,1 as a payment in exchange for the stock.
FINDINGS OF FACT
Some of the facts have…
2Cases cited10 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- United States v. DavisSupreme Court of the United States · 1970
- Haft Trust v. CommissionerUnited States Tax Court · 1974
- Robin Haft Trust v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1975
5 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Metzger Trust v. CommissionerUnited States Tax Court · 1981
- Adams v. CommissionerUnited States Tax Court · 1979
- Adams v. CommissionerUnited States Tax Court · 1979
- Johnson Trust v. CommissionerUnited States Tax Court · 1979
- Metzger Trust v. CommissionerUnited States Tax Court · 1981