Koontz v. Commissioner
United States Tax Court
While serving as counsel for the receivers of a corporation, petitioner, in 1941 and 1944, purchased 98,000 voting trust certificates of the corporation's stock. Some 60,000 certificates were purchased from the corporation which had held them as security for debts owed it by its deceased president; the other 38,000 certificates were purchased from the administrators of the deceased president's estate.
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While serving as counsel for the receivers of a corporation, petitioner, in 1941 and 1944, purchased 98,000 voting trust certificates of the corporation's stock. Some 60,000 certificates were purchased from the corporation which had held them as security for debts owed it by its deceased president; the other 38,000 certificates were purchased from the administrators of the deceased president's estate. The corporation purchased outstanding judgments against its deceased president, and would have been entitled to resort to the 38,000 certificates, along with his other assets, to satisfy the…
1Opinion of the Court
Arthur B. Koontz and Mazie W. Koontz, Husband and Wife, Petitioners, v. Commissioner of Internal Revenue, Respondent
Koontz v. Commissioner
Docket No. 60083
United States Tax Court
28 T.C. 586; 1957 U.S. Tax Ct. LEXIS 166;
May 31, 1957, Filed
Decision will be entered under Rule 50.
While serving as counsel for the receivers of a corporation, petitioner, in 1941 and 1944, purchased 98,000 voting trust certificates of the corporation's stock. Some 60,000 certificates were purchased from the corporation which had held them as security for debts owed it by its deceased president; the other 38,000…
2Cases cited17 opinions
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- JONES'ESTATE v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1942
- Louisiana Land & Exploration Co. v. CommissionerUnited States Tax Court · 1946
- Louisiana Land & Exp. Co. v. Commissioner of Int. Rev.Court of Appeals for the Fifth Circuit · 1947
- WD Haden Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1948
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