Dorsey v. Commissioner
United States Tax Court
Petitioners were stockholders of APC, which owned the patents for the first workable automatic pinsetting machine for bowling. On Feb. 4, 1947, APC assigned its interests in the invention to AMF for $ 200,000 cash, 25,000 shares of AMF stock, and 1 percent of all receipts by AMF from the sale or lease of the automatic pinsetting machines for a period of 20 years. APC then adopted a plan of partial liquidation.
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Petitioners were stockholders of APC, which owned the patents for the first workable automatic pinsetting machine for bowling. On Feb. 4, 1947, APC assigned its interests in the invention to AMF for $ 200,000 cash, 25,000 shares of AMF stock, and 1 percent of all receipts by AMF from the sale or lease of the automatic pinsetting machines for a period of 20 years. APC then adopted a plan of partial liquidation. On or about Sept. 16, 1954, APC was completely liquidated and its assets distributed in kind to its stockholders. Camden Trust Co. was appointed their agent to receive future payments…
1Opinion of the Court
Stephen H. Dorsey, et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Dorsey v. Commissioner
Docket Nos. 3149-65, 6569-65, 6594-65, 6809-65, 6994-65, 7061-65, 206-66, 274-66, 314-66, 439-66, 444-66, 532-66, 570-66, 1317-66, 1319-66, 1440-66, 1441-66, 1787-66, 1872-66, 5878-66, 5879-66, 5887-66, 6164-66
United States Tax Court
49 T.C. 606; 1968 U.S. Tax Ct. LEXIS 163;
March 15, 1968, Filed
Decisions in all dockets will be entered under Rule 50.
Petitioners were stockholders of APC, which owned the patents for the first workable automatic pinsetting machine for bowling. On Feb. 4,…
Also in this document: Dissent.
2Cases cited27 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Burnet v. HoustonSupreme Court of the United States · 1931
- United States v. DavisSupreme Court of the United States · 1962
- Commissioner v. Estate of SternbergerSupreme Court of the United States · 1955
- Commissioner of Internal Revenue v. CarterCourt of Appeals for the Second Circuit · 1948
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