Legal Opinion
United States v. James H. Marshall and Thelma Marshall
Court of Appeals for the Ninth Circuit
Decided March 8, 1966No. 20110PublishedCited by 11 opinions
1Opinion of the Court
TAVARES, District Judge:
In 1959 Plaintiffs-Appellees sold their sole proprietorship business to a corporation, 60% of whose stock was owned by them. The $110,513.22 sale price was to be paid by the corporation assuming a $9,944.36 account owing to appellees, by its assuming $25,568.86 in current liabilities of the proprietorship, and by its executing a promissory note to the ap-pellees for $75,000. During 1959 plaintiffs received payment of the $9,944.36 account plus $4,000 in payment on the $75,000 note, and, in the ordinary course of business, the corporation paid obligations totaling…
2Cases cited11 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Burnet v. S. & L. Building Corp.Supreme Court of the United States · 1933
- Wagegro Corp. v. CommissionerUnited States Board of Tax Appeals · 1938
- William A. And Margaret K. Tombari v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1962
- Caldwell v. United StatesCourt of Appeals for the Third Circuit · 1940
6 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Clodfelter v. CommissionerUnited States Tax Court · 1967
- Robert B. Riss and Georgina Riss v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1966
- Ivan Irwin, Jr. And Ann Vanston Irwin v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
- Bostedt v. CommissionerUnited States Tax Court · 1978
- Sallies v. CommissionerUnited States Tax Court · 1984
6 more not listed; retrieve them via the Exa API.