Legal Opinion
J. D. Abbott and Kathryn Abbott v. Commissioner of Internal Revenue, Carl M. Wolfe and Mary E. Wolfe v. Commissioner of Internal Revenue
Court of Appeals for the Third Circuit
Decided July 31, 1958No. 12440_1PublishedCited by 66 opinions
1Opinion of the Court
STALEY, Circuit Judge.
Two issues are presented by these consolidated petitions to review decisions of the Tax Court. The primary issue is whether the gain realized by taxpayers on the liquidation of their corporation is capital gain, or ordinary income under the “collapsible corporation” provisions of Section 117(m) of the Internal Revenue Code of 1939, as amended, 26 U.S.C. § 117(m). A secondary issue poses the question of whether the penalty under Section 294(d) (2) for substantial underestimation of tax may be assessed in addition to the penalty under Section 294 (d) (1) (A) for failure to…
2Cases cited14 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Fuller v. CommissionerUnited States Tax Court · 1953
- Walter H. Kaltreider and Irene C. Kaltreider v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Fred N. Acker v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
- Raymond G. Burge and Kathleen E. Burge v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
9 more not listed; retrieve them via the Exa API.
3Cited by66 opinions
- Commissioner v. AckerSupreme Court of the United States · 1959
- Heuer v. CommissionerUnited States Tax Court · 1959
- Pigman v. CommissionerUnited States Tax Court · 1958
- Heman v. CommissionerUnited States Tax Court · 1959
- Bornstein v. United StatesUnited States Court of Claims · 1965
61 more not listed; retrieve them via the Exa API.