Pridemark, Inc. v. Commissioner
United States Tax Court
1. Held, that certain 1958 and 1959 transactions of petitioners Pridemark, Inc., and Pridemark, Inc., of Connecticut, and their respective stockholders, did not effect complete liquidations of said corporations within the meaning of section 337 of the 1954 Code, because such transactions were incidental to a reorganization of the continuing business enterprise within the meaning of section 368 (a)(1)(F) of the Code.
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1. Held, that certain 1958 and 1959 transactions of petitioners Pridemark, Inc., and Pridemark, Inc., of Connecticut, and their respective stockholders, did not effect complete liquidations of said corporations within the meaning of section 337 of the 1954 Code, because such transactions were incidental to a reorganization of the continuing business enterprise within the meaning of section 368 (a)(1)(F) of the Code. Accordingly, held, further, that gains which said corporations realized from sales of assets during their fiscal periods ended in 1958, must be recognized for income tax purposes;…
1Opinion of the Court
Pierce, Judge:
These proceedings involve deficiencies in income tax determined by the Commissioner as follows:
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All these cases were consolidated for trial.
Decision in docket No. 93303 respecting the fiscal period ended in 1956 will be deferred until the recomputation of tax under Eule 50. The issue for this 1956 period involves the amount deductible by Pridemark, Inc., as a net operating loss carryback from a subsequent taxable period; and such amount will depend on the outcome of other issues before us.
The issues to be here decided are:
Whether certain 1958 and 1959 transactions…
2Cases cited30 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Brown v. HelveringSupreme Court of the United States · 1934
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Lewis v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1949
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3Cited by57 opinions
- James Armour, Inc. v. CommissionerUnited States Tax Court · 1964
- Berghash v. CommissionerUnited States Tax Court · 1965
- Estate of Lammerts v. CommissionerUnited States Tax Court · 1970
- Stauffer v. CommissionerUnited States Tax Court · 1967
- Atlas Tool Co. v. CommissionerUnited States Tax Court · 1978
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