Danenberg v. Commissioner
United States Tax Court
1. P was heavily in debt to B. As part of the settlement of such debt, P sold various items of collateral to third parties and transferred his stock in his wholly owned subch. S corporation to a nominee of B. He arranged that the proceeds of such dispositions be forwarded directly to B and applied to reduce his debt. After the liquidation of all P's collateral, B discharged P from any further liability on his indebtedness. P was insolvent at the time of such discharge.
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1. P was heavily in debt to B. As part of the settlement of such debt, P sold various items of collateral to third parties and transferred his stock in his wholly owned subch. S corporation to a nominee of B. He arranged that the proceeds of such dispositions be forwarded directly to B and applied to reduce his debt. After the liquidation of all P's collateral, B discharged P from any further liability on his indebtedness. P was insolvent at the time of such discharge. Held: The dispositions of the collateral by P were sales of such collateral, and P realized gain or loss on such sales…
1Opinion of the Court
Julian S. Danenberg and Mabel S. Danenberg, Petitioners v. Commissioner of Internal Revenue, Respondent
Danenberg v. Commissioner
Docket No. 2103-76
United States Tax Court
73 T.C. 370; 1979 U.S. Tax Ct. LEXIS 14;
November 27, 1979, Filed
Decision will be entered under Rule 155.
1. P was heavily in debt to B. As part of the settlement of such debt, P sold various items of collateral to third parties and transferred his stock in his wholly owned subch. S corporation to a nominee of B. He arranged that the proceeds of such dispositions be forwarded directly to B and applied to reduce his debt. After…
2Cases cited41 opinions
- Chris D. Stoltzfus and Irma H. Stoltzfus v. United StatesCourt of Appeals for the Third Circuit · 1968
- Bolen Webb and Cornelia Webb v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1968
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Helvering v. HammelSupreme Court of the United States · 1941
- Acker v. CommissionerUnited States Tax Court · 1956
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