Gyro Engineering Corp. v. Commissioner
United States Tax Court
1. Petitioner purchased apartment properties from its controlling stockholder. The Commissioner contended that the sale was a sham transaction, but this contention was rejected by the Ninth Circuit. Held: The decision by the Ninth Circuit does not preclude the Commissioner from arguing now that the basis of petitioner in the apartment properties is less than the purchase price because that price included unstated interest.
Read the full summary
1. Petitioner purchased apartment properties from its controlling stockholder. The Commissioner contended that the sale was a sham transaction, but this contention was rejected by the Ninth Circuit. Held: The decision by the Ninth Circuit does not preclude the Commissioner from arguing now that the basis of petitioner in the apartment properties is less than the purchase price because that price included unstated interest. Held, further: The respondent has failed to carry his burden of proving that the stated sale price did not establish the petitioner's basis in the apartment properties. 2.…
1Opinion of the Court
GYRO ENGINEERING CORPORATION, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Gyro Engineering Corp. v. Commissioner
Docket Nos. 4643-66, 1798-70.
United States Tax Court
T.C. Memo 1974-288; 1974 Tax Ct. Memo LEXIS 31; 33 T.C.M. (CCH) 1343; T.C.M. (RIA) 740288;
November 12, 1974, Filed.
1. Petitioner purchased apartment properties from its controlling stockholder. The Commissioner contended that the sale was a sham transaction, but this contention was rejected by the Ninth Circuit. Held: The decision by the Ninth Circuit does not preclude the Commissioner from arguing now that the basis…
2Cases cited21 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Cromwell v. County of SacSupreme Court of the United States · 1877
- Commissioner v. BrownSupreme Court of the United States · 1965
- United States v. International Building Co.Supreme Court of the United States · 1953
- Gooding Amusement Co. v. CommissionerUnited States Tax Court · 1954
16 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Roberts Metal Fabrication, Inc. v. United States (In Re Roberts Metal Fabrication, Inc.)United States Bankruptcy Court, D. Kansas · 1992