Fisher v. Commissioner
United States Tax Court
Petitioner agreed to exchange all the stock of F corporation for 168,800 shares of voting preferred stock in A corporation. On the shares received by the petitioner, dividends were to accrue after Dec. 15, 1966, regardless of the actual date of closing.
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Petitioner agreed to exchange all the stock of F corporation for 168,800 shares of voting preferred stock in A corporation. On the shares received by the petitioner, dividends were to accrue after Dec. 15, 1966, regardless of the actual date of closing. However, because the petitioner's counsel was concerned over the possibility that the receipt of a cash dividend might cause the IRS to rule that the exchange would not qualify as a "B reorganization," the agreement was modified to provide that in the event the closing did not take place until after Dec. 15, 1966, no cash dividends would…
1Opinion of the Court
Simpson, Judge:
The respondent determined deficiencies of $70,896 in the Federal income tax of the petitioner for each of the years 1966 and 1967. The parties are now in agreement that if we find a deficiency, such deficiency is in the tax for the year 1967. The sole issue for decision is whether the petitioner received 170,414 shares of stock as part of a transaction which qualified as a reorganization under section 368(a) (1) (B) of the Internal Revenue Code of 1964,1 or whether in substance, be received 168,800 shares of stock as part of such reorganization and simultaneously received 1,614…
2Cases cited36 opinions
- Helvering v. HorstSupreme Court of the United States · 1940
- Burnet v. HarmelSupreme Court of the United States · 1932
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Helvering v. EubankSupreme Court of the United States · 1941
31 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Fisher v. CommissionerUnited States Tax Court · 1974