Creech v. Commissioner
United States Board of Tax Appeals
1. Two of the stockholders of a coal mining corporation became indebted to the corporation in large amounts extending over a period of years. In 1933 one of these stockholders died and left an estate eith this large indebtedness outstanding against it and with substantially no assets except the stock owned in the coal corporation.
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1. Two of the stockholders of a coal mining corporation became indebted to the corporation in large amounts extending over a period of years. In 1933 one of these stockholders died and left an estate eith this large indebtedness outstanding against it and with substantially no assets except the stock owned in the coal corporation. His son, who was executor of the estate and an officer and director of the corporation, was anxious to get the indebtedness of the estate settled up. In 1936 he and the other stockholder who was indebted to the corporation agreed with the corporation that the estate…
1Opinion of the Court
*102OPINION.
Black :
In each of these consolidated proceedings, in his determination of the deficiencies, the Commissioner has held:(b) It is held that tbe acquisition by tbe Creecb Coal Company of 285 shares of its common capital stock from you for a total consideration of $128,250.00 was essentially equivalent to the distribution of a taxable dividend under Section 115 (g) of the Revenue Act of 1936.
*103Each petitioner, by an appropriate assignment of error, has contested the correctness of this determination, and that presents the principal issue which we have for decision. If it is decided in favor…
2Cases cited3 opinions
- Helvering v. RankinSupreme Court of the United States · 1935
- Snyder v. CommissionerSupreme Court of the United States · 1935
- Davidson v. CommissionerSupreme Court of the United States · 1938
3Cited by12 opinions
- Eva D. Bradbury v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1962
- Himmel v. CommissionerUnited States Tax Court · 1963
- In Re Estate Of Irwin G. Lukens, Deceased. George E. Lukens, PetitionersCourt of Appeals for the Third Circuit · 1957
- Lukens v. CommissionerCourt of Appeals for the Third Circuit · 1957
- Bassett v. CommissionerUnited States Tax Court · 1961
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