Byrne v. Commissioner
United States Tax Court
Held, gain from the liquidation of a corporation should have been recognized by petitioner (a cash basis taxpayer) in 1963 -- the year in which various securities held in the name of the liquidating corporation were delivered to a broker with instructions that new certificates be issued, pro rata, to the shareholders of the liquidating corporation, even though the certificates issued to petitioner were not received by him until early 1964.
1Opinion of the Court
John E. Byrne and Nellie A. Byrne, Petitioners v. Commissioner of Internal Revenue, Respondent
Byrne v. Commissioner
Docket No. 6247-66
United States Tax Court
54 T.C. 1632; 1970 U.S. Tax Ct. LEXIS 77;
August 24, 1970, Filed
Decision will be entered under Rule 50.
Held, gain from the liquidation of a corporation should have been recognized by petitioner (a cash basis taxpayer) in 1963 -- the year in which various securities held in the name of the liquidating corporation were delivered to a broker with instructions that new certificates be issued, pro rata, to the shareholders of the liquidating…
2Cases cited33 opinions
- Richardson v. ShawSupreme Court of the United States · 1908
- Avery v. CommissionerSupreme Court of the United States · 1934
- Morgan v. CommissionerUnited States Tax Court · 1966
- Snyder v. CommissionerSupreme Court of the United States · 1935
- Strout v. BurgessSupreme Judicial Court of Maine · 1949
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