Legal Opinion
Fairfield Steamship Corp. v. Commissioner
United States Tax Court
Decided August 7, 1945No. Docket Nos. 1471, 1472PublishedCited by 16 opinions
1Opinion of the Court
OPINION.
Disney, Judge-.
The first question propounded to us is simple: Was sale of the Maine made by Fairfield, or by Atlantic after acquisition of this ship by liquidation of Fairfield? In our opinion it was made by Fairfield and the agreed gain was property taxed to that corporation. This conclusion we consider proper under Commissioner v. Court Holding Co., 324 U. S. 331, another effort to shift to stockholders the gain from sale of corporate property. Though recognizing the right of Lhe taxpayer to consider tax consequences, we must and do scrutinize the reality of what happened in the…
2Cases cited5 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Higgins v. SmithSupreme Court of the United States · 1940
- Griffiths v. CommissionerSupreme Court of the United States · 1939
- Minnesota Tea Co. v. HelveringSupreme Court of the United States · 1938
3Cited by16 opinions
- Acampo Winery & Distilleries, Inc. v. CommissionerUnited States Tax Court · 1946
- Kaufmann v. CommissionerUnited States Tax Court · 1948
- Riss & Co. v. CommissionerUnited States Tax Court · 1964
- Wichita Terminal Elevator Co. v. CommissionerUnited States Tax Court · 1946
- Howell Turpentine Co. v. CommissionerUnited States Tax Court · 1946
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