Luckman v. Commissioner
United States Tax Court
In determining the taxability of distributions by Rapid American Corp. (Rapid) to its shareholders, including petitioners, during its fiscal year ending January 1962. Held: 1. Rapid's deficit in earnings and profits as of July 31, 1961, may not be used to offset earnings and profits of corporations acquired by Rapid on July 31, 1961, under sec. 332, I.R.C. 1954. 2. Income recognized by Rapid in its fiscal years ending January 1961 and January 1962 from an installment sale…
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In determining the taxability of distributions by Rapid American Corp. (Rapid) to its shareholders, including petitioners, during its fiscal year ending January 1962. Held: 1. Rapid's deficit in earnings and profits as of July 31, 1961, may not be used to offset earnings and profits of corporations acquired by Rapid on July 31, 1961, under sec. 332, I.R.C. 1954. 2. Income recognized by Rapid in its fiscal years ending January 1961 and January 1962 from an installment sale completed in fiscal 1961 may not be disregarded in computing Rapid's earnings and profits for such years even though the…
1Opinion of the Court
SUPPLEMENTAL OPINION
Foerester, Judge:
The issue presented for our decision is to what extent petitioners’ receipt in 1961 of $37,245.75 from Rapid American Corporation (hereinafter referred to as Rapid) was a taxable dividend.
Originally that issue turned upon the resolution of one principal question and three subsidiary questions. On November 12, 1968, in accordance with our opinion of July 24,1968, reported at 50 T.C. 619, we entered our decision with respect to the principal question. Our resolution of the principal question made, it unnecessary for us to reach any of the three subsidiary…
2Cases cited21 opinions
- Stein v. CommissionerUnited States Tax Court · 1956
- Stern Bros. & Co. v. CommissionerUnited States Tax Court · 1951
- Lazarus I. Levine and Norman L. Marks, Executors of the Estate of Samuel Stein v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- Commissioner v. PhippsSupreme Court of the United States · 1949
- Wilson v. CommissionerUnited States Tax Court · 1966
16 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Union Equity Cooperative Exchange v. CommissionerUnited States Tax Court · 1972
- Divine v. CommissionerUnited States Tax Court · 1972
- Estate of Uris v. CommissionerCourt of Appeals for the Second Circuit · 1979
- Ca 79-3190 Estate of Percy Uris, Deceased, Irving Trust Co., and Joanne Uris v. Commissioner of Internal Revenue, Harold D. Uris and Ruth Uris v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1979
- Divine v. CommissionerUnited States Tax Court · 1972
2 more not listed; retrieve them via the Exa API.