Clark v. Commissioner
United States Tax Court
BASIN was merged into NL, a publicly held company, under a plan of reorganization which satisfied the requirements of sec. 368(a)(1)(A) and (a)( 2)(D), I.R.C. 1954. Petitioner husband as sole shareholder of BASIN received stock and cash in exchange for his stock in BASIN.
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BASIN was merged into NL, a publicly held company, under a plan of reorganization which satisfied the requirements of sec. 368(a)(1)(A) and (a)( 2)(D), I.R.C. 1954. Petitioner husband as sole shareholder of BASIN received stock and cash in exchange for his stock in BASIN. The cash constituted "boot" under sec. 356(a)(1), I.R.C. 1954. Held: The distribution of the "boot" did not have the effect of a dividend under sec. 356(a)(2), I.R.C. 1954. The test of Wright v. United States, 482 F.2d 600 (8th Cir. 1973), rather than the test of Shimberg v. United States, 577 F.2d 283 (5th Cir. 1978),…
1Opinion of the Court
Donald E. Clark and Peggy S. Clark, Petitioners v. Commissioner of Internal Revenue, Respondent
Clark v. Commissioner
Docket No. 9428-83
United States Tax Court
86 T.C. 138; 1986 U.S. Tax Ct. LEXIS 156; 86 T.C. No. 10;
February 6, 1986, Filed
Decision will be entered under Rule 155.
BASIN was merged into NL, a publicly held company, under a plan of reorganization which satisfied the requirements of sec. 368(a)(1)(A) and (a)( 2)(D), I.R.C. 1954. Petitioner husband as sole shareholder of BASIN received stock and cash in exchange for his stock in BASIN. The cash constituted "boot" under sec. 356(a)(1),…
2Cases cited21 opinions
- United States v. DavisSupreme Court of the United States · 1970
- Commissioner v. Estate of BedfordSupreme Court of the United States · 1945
- J. E. Davant and Kathryn Davant v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. J. E. Davant and Kathryn DavantCourt of Appeals for the Fifth Circuit · 1966
- King Enterprises, Inc. v. The United StatesUnited States Court of Claims · 1969
- South Texas Rice Warehouse Co. v. CommissionerUnited States Tax Court · 1965
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