Mintz v. Commissioner
United States Tax Court
Held, that Kingsway Developments, Inc., was a collapsible corporation within the definition of section 117(m) of the 1939 Code, and therefore, that gains realized by petitioners upon a distribution from Kingsway and sale of their Kingsway stock were gains attributable to property which is not a capital asset.
1Opinion of the Court
OPINION.
Raum, Judge:
This case presents the question whether gains realized by petitioners upon receipt of cash distributions from Kingsway Developments, Inc., and upon the sale of their stock in that corporation, are taxable pursuant to section 117 (m) of the Internal Revenue Code of 1939 as though the gains were attributable to property which is not a capital asset. Kingsway was incorporated to construct and own an apartment house development, consisting of three buildings, under section 608 of the National Housing Act. The fact that the proceeds of the FHA-insured mortgage were in excess of…
2Cases cited11 opinions
- Raymond G. Burge and Kathleen E. Burge v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Arthur Glickman Herman Glickman and Ruth Glickman and Aaron Glickmand and Freda Glickman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- J. D. Abbott and Kathryn Abbott v. Commissioner of Internal Revenue, Carl M. Wolfe and Mary E. Wolfe v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Abbott v. CommissionerUnited States Tax Court · 1957
- Burge v. CommissionerUnited States Tax Court · 1957
6 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Gerber v. CommissionerUnited States Tax Court · 1959
- Sterner v. CommissionerUnited States Tax Court · 1959
- Gerber v. CommissionerUnited States Tax Court · 1959
- Mintz v. CommissionerUnited States Tax Court · 1959
- Sterner v. CommissionerUnited States Tax Court · 1959