Estate of Sidles v. Commissioner
United States Tax Court
Decedent was the sole shareholder of a corporation. Prior to his death, a plan of complete liquidation under sec. 337, I.R.C. 1954, was adopted and the corporation's principal asset was sold pursuant to this plan.
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Decedent was the sole shareholder of a corporation. Prior to his death, a plan of complete liquidation under sec. 337, I.R.C. 1954, was adopted and the corporation's principal asset was sold pursuant to this plan. As of the date of decedent's death all that remained to be done under the plan was a corporate resolution to distribute and the distribution of the corporation's assets, subject to its liabilities, and the execution and filing of the articles of dissolution with the State. Held, on the date of his death the decedent possessed the right to receive the proceeds of the liquidation;…
1Opinion of the Court
OPINION
Dawson, Chief Judge:
Respondent determined deficiencies of $160,203 and $2,197 in petitioners’ Federal income taxes for the taxable years ended May 31, 1969, and May 31, 1970, respectively.
Some issues have been conceded by petitioners. The primary issue for our decision is whether a liquidating distribution received by the Estate of Harry B. Sidles from Bi-State Distributing Corp. constituted “income in respect of a decedent” within the meaning of section 691(a)(1).1 If this distribution is determined to be “income in respect of a decedent,” then we must, decide whether the deduction…
2Cases cited17 opinions
- Helvering v. Estate of EnrightSupreme Court of the United States · 1941
- Commissioner of Internal Revenue v. LindeCourt of Appeals for the Ninth Circuit · 1954
- Edwin W. Hudspeth and Maxine G. Hudspeth v. United StatesCourt of Appeals for the Eighth Circuit · 1972
- John P. Kinsey and Edith B. Kinsey v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1973
- O'Daniel's Estate v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1949
12 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- Rollert Residuary Trust v. CommissionerUnited States Tax Court · 1983
- Allen v. CommissionerUnited States Tax Court · 1976
- United California Bank v. United StatesSupreme Court of the United States · 1978
- Estate of Charley W. Peterson, Deceased, Della E. Peterson and Charles R. Peterson, Co-Executors v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1981
- Estate of Frane v. CommissionerUnited States Tax Court · 1992
17 more not listed; retrieve them via the Exa API.