MacDonald v. Commissioner
United States Tax Court
Petitioners, a marital community in the State of Washington, owned all of the stock of a corporation, Carter, MacDonald & Co., engaged principally in the insurance brokerage business.
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Petitioners, a marital community in the State of Washington, owned all of the stock of a corporation, Carter, MacDonald & Co., engaged principally in the insurance brokerage business. At a time when liabilities exceeded the value of tangible assets, the corporation was dissolved and its assets distributed to petitioners in return for their stock; and the assets were then transferred to D. K. MacDonald for the marital community and he from that date conducted an insurance business under the same name as the old corporation. The insurance business was personal in its nature and depended very…
1Opinion of the Court
OPINION.
Disney, Judge:
On July 81,1941, Carter, MacDonald & Co., a corporation, transferred all of its assets to D. K. MacDonald, as trustee, for the purposes of winding up its affairs under voluntary dissolution proceedings. Thereupon, D. K. MacDonald, as trustee, transferred all of the corporation’s assets to D. K. MacDonald, individually, in exchange for 500 shares of $100 par value common stock, which constituted the entire capital stock of the corporation and was owned by the marital community composed of D. K. MacDonald and his wife. The determination of the gain or loss as a result of…
2Cases cited6 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Helvering v. SalvageSupreme Court of the United States · 1936
- Metropolitan Bank v. St. Louis Dispatch Co.Supreme Court of the United States · 1893
- In Re the Accounting of BrownNew York Court of Appeals · 1926
- J. L. Cooper & Co. v. Anchor Securities Co.Washington Supreme Court · 1941
1 more not listed; retrieve them via the Exa API.
3Cited by61 opinions
- Martin Ice Cream Co. v. Comm'rUnited States Tax Court · 1998
- Danco Co. v. CommissionerUnited States Tax Court · 1950
- Kenney v. CommissionerUnited States Tax Court · 1962
- Coates v. CommissionerUnited States Tax Court · 1946
- United States & Thrift Corp. v. CommissionerUnited States Tax Court · 1958
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