Driscoll v. Commissioner
United States Tax Court
Three petitioners jointly purchased a noncoupon, nonregistered corporate note late in 1953. On February 28, 1955, three new notes were substituted for the original note. Each new note was payable to an individual petitioner in a face amount equal to one-third of the principal of the old note.
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Three petitioners jointly purchased a noncoupon, nonregistered corporate note late in 1953. On February 28, 1955, three new notes were substituted for the original note. Each new note was payable to an individual petitioner in a face amount equal to one-third of the principal of the old note. The new notes were retired by payments made in 1955 and 1956. Held, the retirement of the notes was not an exchange within section 1232(a)(1), I.R.C. 1954, and petitioners are not entitled to capital gains treatment of the amounts received.
1Opinion of the Court
J. Francis Driscoll, Jr., and Ann K. Driscoll, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Driscoll v. Commissioner
Docket Nos. 87497, 87503, 87504
United States Tax Court
37 T.C. 52; 1961 U.S. Tax Ct. LEXIS 55;
October 17, 1961, Filed
Decisions will be entered under Rule 50.
Three petitioners jointly purchased a noncoupon, nonregistered corporate note late in 1953. On February 28, 1955, three new notes were substituted for the original note. Each new note was payable to an individual petitioner in a face amount equal to one-third of the principal of the old note. The new…
2Cases cited7 opinions
- Fairbanks v. United StatesSupreme Court of the United States · 1939
- Lurie v. CommissionerUnited States Tax Court · 1945
- Miller v. CommissionerUnited States Tax Court · 1959
- Oestreicher v. CommissionerUnited States Tax Court · 1953
- Lurie v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1946
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