D'Agostino v. Commissioner
United States Tax Court
Petitioner owned 50 percent of the capital stock in Rolling Inn, Inc. During 1956 all of the real property of the corporation was condemned by the Maryland State Roads Commission and the corporation received an award. As of February 17, 1957, the net proceeds of this award was $21,699.80. On February 18, 1957, the corporation issued a check for $2,000 to petitioner and one for $2,000 to Kelly, the remaining shareholder.
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Petitioner owned 50 percent of the capital stock in Rolling Inn, Inc. During 1956 all of the real property of the corporation was condemned by the Maryland State Roads Commission and the corporation received an award. As of February 17, 1957, the net proceeds of this award was $21,699.80. On February 18, 1957, the corporation issued a check for $2,000 to petitioner and one for $2,000 to Kelly, the remaining shareholder. On March 4, 1957, the corporation issued two checks each in the amount of $8,000 to petitioner and Kelly. No consideration flowed to the corporation for these payments.…
1Opinion of the Court
JAMES S. D'AGOSTINO, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
D'Agostino v. Commissioner
Docket No. 3904-70.
United States Tax Court
T.C. Memo 1973-202; 1973 Tax Ct. Memo LEXIS 86; 32 T.C.M. (CCH) 937; T.C.M. (RIA) 73202;
September 11, 1973, Filed
Petitioner owned 50 percent of the capital stock in Rolling Inn, Inc. During 1956 all of the real property of the corporation was condemned by the Maryland State Roads Commission and the corporation received an award. As of February 17, 1957, the net proceeds of this award was $21,699.80. On February 18, 1957, the corporation issued a…
2Cases cited10 opinions
- Commissioner v. SternSupreme Court of the United States · 1958
- Sidney Kreps v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1965
- Kreps v. CommissionerUnited States Tax Court · 1964
- Leach v. CommissionerUnited States Tax Court · 1953
- Robert B. Nau v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
5 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Escofil v. CommissionerDistrict Court, E.D. Pennsylvania · 1974