Ludlow v. Commissioner
United States Tax Court
On December 29, 1955, the petitioner and the other stockholders of a corporation executed a contract to sell all of their stock. It was the intention of all the parties to the contract to qualify the sale as an installment sale by limiting the cash payment to be received by each stockholder in 1955 to an amount that did not exceed 30 percent of his selling price.
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On December 29, 1955, the petitioner and the other stockholders of a corporation executed a contract to sell all of their stock. It was the intention of all the parties to the contract to qualify the sale as an installment sale by limiting the cash payment to be received by each stockholder in 1955 to an amount that did not exceed 30 percent of his selling price. Due to a mistake in the computation of the amounts stated in the contract some of the stockholders, including petitioner, were paid more than the statutory maximum. When the mistake was discovered the buyer expressed his willingness…
1Opinion of the Court
Lewis M. Ludlow and Harriet M. Ludlow, Petitioners, v. Commissioner of Internal Revenue, Respondent
Ludlow v. Commissioner
Docket No. 77570
United States Tax Court
36 T.C. 102; 1961 U.S. Tax Ct. LEXIS 174;
April 18, 1961, Filed
Decision will be entered under Rule 50.
On December 29, 1955, the petitioner and the other stockholders of a corporation executed a contract to sell all of their stock. It was the intention of all the parties to the contract to qualify the sale as an installment sale by limiting the cash payment to be received by each stockholder in 1955 to an amount that did not exceed 30…
Also in this document: Dissent.
2Cases cited6 opinions
- Prendergast v. CommissionerUnited States Board of Tax Appeals · 1931
- Hammond v. CommissionerUnited States Tax Court · 1942
- Blum's, Inc. v. CommissionerUnited States Board of Tax Appeals · 1927
- Ludlow v. CommissionerUnited States Tax Court · 1961
- Funsten v. CommissionerUnited States Board of Tax Appeals · 1941
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