Ingalls v. Commissioner
United States Board of Tax Appeals
1. In 1938 certain corporate stock which the estate had held for more than ten years was redeemed by the issuing corporation for cash, which represented part of a distribution in partial liquidation of the corporation within the provisions of section 115(c) of the Revenue Act of 1938. In view of the provisions of the section to the effect that a gain from a partial liquidation is to be considered as a short-term capital gain, held, that 100 percent of the gain realized by…
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1. In 1938 certain corporate stock which the estate had held for more than ten years was redeemed by the issuing corporation for cash, which represented part of a distribution in partial liquidation of the corporation within the provisions of section 115(c) of the Revenue Act of 1938. In view of the provisions of the section to the effect that a gain from a partial liquidation is to be considered as a short-term capital gain, held, that 100 percent of the gain realized by the estate on the redemption of the stock is to be considered in computing net income. 2. The estate of Charles C. Ingalls…
1Opinion of the Court
*789OPINION.
Turner:
In their petitions, petitioners Lewis and Robert Ingalls raised no question as to whether they, are transferees of the estate. At the hearing they admitted liability as transferees for the deficiency determined against the estate in event it is finally determined that the estate is liable for a deficiency. Consequently, the only questions in controversy relate to the correctness of the respondent’s determination with respect to the estate.
Relying on the provisions of sections 115 (c) and 117 (a) (2) and (b) of the Revenue Act of 1938 and the fact that the preferred stock in the…
2Cited by6 opinions
- Clark v. CommissionerCourt of Appeals for the Sixth Circuit · 1943
- Hanna v. CommissionerUnited States Tax Court · 1961
- Estate of Ruth Hanna, Deceased, the National City Bank of Cleveland v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1963
- Hanna v. CommissionerUnited States Tax Court · 1961
- Hanna v. CommissionerUnited States Tax Court · 1961
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