Moudy v. Commissioner
United States Tax Court
P's partnership purchased "section 38 property" which was later transferred to a corporation formed by the partners. Thereafter, during 1982, the corporation ceased business and, at about the same time, P petitioned into bankruptcy. The trustee listed the corporate shares as an asset, but without value. The trustee did not claim the section 38 property to be a part of P-bankrupt's estate. The bankruptcy was a "no asset" proceeding.
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P's partnership purchased "section 38 property" which was later transferred to a corporation formed by the partners. Thereafter, during 1982, the corporation ceased business and, at about the same time, P petitioned into bankruptcy. The trustee listed the corporate shares as an asset, but without value. The trustee did not claim the section 38 property to be a part of P-bankrupt's estate. The bankruptcy was a "no asset" proceeding. R determined that P should recapture and report as income for 1982 the investment tax credit claimed in earlier years. P claims that the assets became part of the…
1Opinion of the Court
JERRY L. MOUDY AND LISBETH MOUDY, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Moudy v. Commissioner
Docket No. 36299-87
United States Tax Court
T.C. Memo 1990-169; 1990 Tax Ct. Memo LEXIS 195; 59 T.C.M. (CCH) 280; T.C.M. (RIA) 90169;
March 29, 1990
P's partnership purchased "section 38 property" which was later transferred to a corporation formed by the partners. Thereafter, during 1982, the corporation ceased business and, at about the same time, P petitioned into bankruptcy. The trustee listed the corporate shares as an asset, but without value. The trustee did not claim the…
2Cases cited5 opinions
- Brown v. O'KEEFESupreme Court of the United States · 1937
- Dan E. Mason and Beverly R. Mason v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1980
- Aboussie v. CommissionerUnited States Tax Court · 1973
- Mason v. CommissionerUnited States Tax Court · 1977
- Borgic v. CommissionerUnited States Tax Court · 1986