PITTS v. COMMISSIONER
United States Tax Court
Petitioners began negotiations to lease the building housing their wholly-owned corporation's furniture business. They had an offer to lease in early April and signed the lease in May. The lease required them to vacate by August 31. A going-out-of business sale was commenced in early June. On July 19, petitioners' creditors took over the corporation, took an inventory count which showed missing inventory, and continued the liquidation.
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Petitioners began negotiations to lease the building housing their wholly-owned corporation's furniture business. They had an offer to lease in early April and signed the lease in May. The lease required them to vacate by August 31. A going-out-of business sale was commenced in early June. On July 19, petitioners' creditors took over the corporation, took an inventory count which showed missing inventory, and continued the liquidation. The corporation also maintained an account for advances made by petitioners to the corporation. The advances provided for no interest, no due date, and no…
1Opinion of the Court
THURMAN L. PITTS AND ANN B. PITTS, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent.
PITTS v. COMMISSIONER
Docket No. 8819-75.
United States Tax Court
T.C. Memo 1978-469; 1978 Tax Ct. Memo LEXIS 42; 37 T.C.M. (CCH) 1849-3;
November 27, 1978, Filed
Petitioners began negotiations to lease the building housing their wholly-owned corporation's furniture business. They had an offer to lease in early April and signed the lease in May. The lease required them to vacate by August 31. A going-out-of business sale was commenced in early June. On July 19, petitioners' creditors took over the…
2Cases cited18 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Baird v. CommissionerUnited States Tax Court · 1955
- Paul v. Weir and Margaret G. Weir v. Commissioner of Internal Revenue, Paul v. Weir v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1960
- Meyer v. CommissionerUnited States Board of Tax Appeals · 1941
- R. D. Merrill Co. v. CommissionerUnited States Tax Court · 1945
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