Becher v. Commissioner
United States Tax Court
The business of a corporation was wiped out by the termination of the war and the corporation began liquidating its assets. The majority of the stockholders decided to enter the upholstered furniture business. Instead of distributing all the assets, only $ 149,000 was distributed to the stockholders and $ 166,317.24 net was transferred to a new corporation which was formed to conduct the furniture business.
Read the full summary
The business of a corporation was wiped out by the termination of the war and the corporation began liquidating its assets. The majority of the stockholders decided to enter the upholstered furniture business. Instead of distributing all the assets, only $ 149,000 was distributed to the stockholders and $ 166,317.24 net was transferred to a new corporation which was formed to conduct the furniture business. The new corporation distributed its shares among the stockholders of the old corporation. The old corporation retained $ 482,585.25 to meet outstanding liabilities, after the payment of…
1Opinion of the Court
Ernest F. Becher, Petitioner, v. Commissioner of Internal Revenue, Respondent. Chester H. Kent, Petitioner, v. Commissioner of Internal Revenue, Respondent. Estate of Howard I. Doremus, Deceased, Lois S. Doremus, Executrix, Petitioner, v. Commissioner of Internal Revenue, Respondent. Estate of Albert K. Lee, Deceased, Edna E. Costello (Formerly Edna E. Lee), Administratrix, and Edna E. Costello (Formerly Edna E. Lee), Petitioners, v. Commissioner of Internal Revenue, Respondent
Becher v. Commissioner
Docket Nos. 36378, 36379, 36380, 36381
United States Tax Court
22 T.C. 932; 1954 U.S. Tax Ct.…
2Cases cited15 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. Estate of BedfordSupreme Court of the United States · 1945
- Cortland Specialty Co. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1932
- Lewis v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1949
- Zenz v. QuinlivanCourt of Appeals for the Sixth Circuit · 1954
10 more not listed; retrieve them via the Exa API.