Shannon v. Commissioner
United States Tax Court
1. In 1949, the executor-trustees under the will of Mattie Hedgecoke, who held title to an undivided one-fourth interest in a ranch and other lands, joined with others referred to below holding title to the remaining interests in said properties in conveying the entire interest therein to M M Cattle Co., a newly organized corporation, the consideration therefor being $ 2,500,000, of which $ 50,000 was paid by the corporation in cash, the balance of $ 2,450,000 being payable…
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1. In 1949, the executor-trustees under the will of Mattie Hedgecoke, who held title to an undivided one-fourth interest in a ranch and other lands, joined with others referred to below holding title to the remaining interests in said properties in conveying the entire interest therein to M M Cattle Co., a newly organized corporation, the consideration therefor being $ 2,500,000, of which $ 50,000 was paid by the corporation in cash, the balance of $ 2,450,000 being payable in 49 equal annual installments, the deferred payments being evidenced by a vendor's lien installment note. 4,446 shares…
1Opinion of the Court
Harry F. Shannon, Dixie Shannon (Formerly Dixie H. Smith), et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Shannon v. Commissioner
Docket Nos. 53038, 53039, 53040, 53041, 53042, 53043, 53044
United States Tax Court
29 T.C. 702; 1958 U.S. Tax Ct. LEXIS 271; 29 T.C. No. 80;
January 28, 1958, Filed
Decisions will be entered under Rule 50.
1. In 1949, the executor-trustees under the will of Mattie Hedgecoke, who held title to an undivided one-fourth interest in a ranch and other lands, joined with others referred to below holding title to the remaining interests in said properties…
2Cases cited28 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Blair v. CommissionerSupreme Court of the United States · 1937
- Freuler v. HelveringSupreme Court of the United States · 1934
- LeTulle v. ScofieldSupreme Court of the United States · 1940
- Dobkin v. CommissionerUnited States Tax Court · 1950
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