Merritt v. Commissioner
United States Tax Court
Pursuant to secs. 6331, 6335, 6338, and 6339, I.R.C. 1954, a revenue officer of the Internal Revenue Service seized in 1960 certain shares of common and preferred stock owned by petitioner-husband in the Nu-Way Supply Co., Inc., a closely held family corporation, for the purpose of collecting Federal income tax assessments outstanding against him.
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Pursuant to secs. 6331, 6335, 6338, and 6339, I.R.C. 1954, a revenue officer of the Internal Revenue Service seized in 1960 certain shares of common and preferred stock owned by petitioner-husband in the Nu-Way Supply Co., Inc., a closely held family corporation, for the purpose of collecting Federal income tax assessments outstanding against him. The shares of stock, in which petitioner had a basis of $ 135,000, were sold by the Internal Revenue Service at public auction to his wife for $ 25,000, she being the only bidder. A certificate of sale, issued to her by the revenue officer, had the…
1Opinion of the Court
Tiltjens, Judge:
Respondent determined deficiencies in the income taxes of petitioners for the taxable years 1961 and 1962 in the amounts of $3,267.42 and $3,550.69.
Some adjustments made by respondent have either been conceded or abandoned by petitioners, thus leaving three issues for our decision:(1) Does section 267(a)(1), I.R.O. 1954, prohibit the deduction of a capital loss, and resulting capital loss carryovers, where the Internal Revenue Service seized shares of corporate stock owned by petitioner James H. Merritt and sold them at public action to his wife in the circumstances of this…
2Cases cited15 opinions
- Malat v. RiddellSupreme Court of the United States · 1966
- Haggar Co. v. Helvering, Com'r of Internal RevenueSupreme Court of the United States · 1940
- Helvering v. HammelSupreme Court of the United States · 1941
- United States v. KatzSupreme Court of the United States · 1926
- MAULDIN v. COMMISSIONER OF INTERNAL REVENUE (Two Cases)Court of Appeals for the Tenth Circuit · 1952
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3Cited by14 opinions
- Hassen v. CommissionerUnited States Tax Court · 1974
- Siewert v. CommissionerUnited States Tax Court · 1979
- James H. Merritt, Sr., and Amanda Merritt v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
- Ebberts v. CommissionerUnited States Tax Court · 1968
- Miller v. CommissionerUnited States Tax Court · 1980
9 more not listed; retrieve them via the Exa API.