Burrus Mills, Inc. v. Commissioner
United States Tax Court
Income -- Corporation Dealing in Its Own Shares. -- A corporation sold shares of its own stock, which it had acquired from former stockholders as part consideration in sale of a flour mill and which were held in its treasury, to corporate employees under an employee stock purchase plan.
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Income -- Corporation Dealing in Its Own Shares. -- A corporation sold shares of its own stock, which it had acquired from former stockholders as part consideration in sale of a flour mill and which were held in its treasury, to corporate employees under an employee stock purchase plan. Held, the corporation realized taxable gain under Regulations 111, section 29.22(a)-15. Commissioner v. Batten, Barton, Durstine & Osborn, Inc., 171 F. 2d 474, reversing 9 T. C. 448; Commissioner v. Rollins Burdick Hunter Co., 174 F. 2d 698, reversing 9 T. C. 169; Commissioner v. H. W. Porter & Co., 187 F. 2d…
1Opinion of the Court
Burrus Mills, Incorporated, Petitioner, v. Commissioner of Internal Revenue, Respondent
Burrus Mills, Inc. v. Commissioner
Docket No. 35296
United States Tax Court
22 T.C. 881; 1954 U.S. Tax Ct. LEXIS 143;
July 14, 1954, Filed July 14, 1954, Filed
Decision will be entered under Rule 50.
Income -- Corporation Dealing in Its Own Shares. -- A corporation sold shares of its own stock, which it had acquired from former stockholders as part consideration in sale of a flour mill and which were held in its treasury, to corporate employees under an employee stock purchase plan. Held, the corporation realized…
2Cases cited6 opinions
- Commissioner v. Batten, Barton, Durstine & Osborn, Inc.Court of Appeals for the Second Circuit · 1948
- Commissioner of Internal Revenue v. Rollins Burdick Hunter Co.Court of Appeals for the Seventh Circuit · 1949
- Commissioner of Internal Revenue v. H. W. Porter & Co., Inc.Court of Appeals for the Third Circuit · 1951
- Rollins Burdick Hunter Co. v. CommissionerUnited States Tax Court · 1947
- Batten, Barton, Durstine & Osborn, Inc. v. CommissionerUnited States Tax Court · 1947
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