Central Bldg. & Loan Asso. v. Commissioner
United States Tax Court
1. Petitioner sold all of its assets for an amount in excess of their book value and seeks nonrecognition of the gain from the sale under section 337(a), I.R.C. 1954. Included in the excess was an amount representing accrued interest to the date of sale upon note obligations which interest was not yet due.
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1. Petitioner sold all of its assets for an amount in excess of their book value and seeks nonrecognition of the gain from the sale under section 337(a), I.R.C. 1954. Included in the excess was an amount representing accrued interest to the date of sale upon note obligations which interest was not yet due. Held, petitioner was paid the accrued interest and was taxable thereon because no sale or exchange of property took place within the meaning of that section. 2. Petitioner seeks application of the 18-month statute of limitations under section 6501(d), I.R.C. 1954. Held, petitioner has not…
1Opinion of the Court
Withey, Judge:
A deficiency in petitioner’s income tax for the taxable year ended June 30,1956, has been determined by respondent in the amount of $7,821.11. The primary issue is whether respondent has erred in failing to treat as exempt, income derived by petitioner after its adoption of a plan of complete liquidation. Should our decision be that respondent has not so erred, an ancillary issue is whether the assessment of the deficiency is barred by a statute of limitations.
FINDINGS OP PACT.
Nearly all of the facts have been stipulated and are so found.
The stipulated facts are as follows:
Petiti…
2Cases cited5 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Fisher v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1954
- Fisher v. CommissionerUnited States Tax Court · 1952
- Shattuck v. CommissionerUnited States Tax Court · 1955
- Tobey v. CommissionerUnited States Tax Court · 1956
3Cited by18 opinions
- Kuckenberg v. CommissionerUnited States Tax Court · 1960
- Verito v. CommissionerUnited States Tax Court · 1965
- Anders v. CommissionerUnited States Tax Court · 1967
- Hollywood Baseball Ass'n v. CommissionerUnited States Tax Court · 1964
- Kniffen v. CommissionerUnited States Tax Court · 1962
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