Atlee v. Commissioner
United States Tax Court
Petitioners and the Hansens each owned 50 percent of the stock of Hansen-Atlee, a corporation engaged primarily in the development and rental of commercial and residential properties. In 1969, petitioners and the Hansens devised a plan to divide the corporate business between them.
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Petitioners and the Hansens each owned 50 percent of the stock of Hansen-Atlee, a corporation engaged primarily in the development and rental of commercial and residential properties. In 1969, petitioners and the Hansens devised a plan to divide the corporate business between them. Pursuant to a plan of reorganization, dated Dec. 31, 1969, Atlee Enterprises, Inc., was formed and in return for all of its stock, Hansen-Atlee transferred to the new corporation: three pieces of undeveloped property, three notes, a leasehold interest, a car, a house trailer, and $ 500 cash. All three properties,…
1Opinion of the Court
Wilbur, Judge:
Respondent has determined deficiencies in petitioners’ Federal income taxes for the years 1969 and 1970 in the amounts of $1,371.45 and $31,107.51, respectively. The issues presented for decision are: (1) Whether petitioners effected a tax-free corporate division under section 355,1 and (2) the fair market value of the stock of Atlee Enterprises, Inc., on the date such stock was distributed to petitioners.2
FINDINGS OF FACT
Most of the facts have been stipulated and are found accordingly.
Petitioners Harry B. and Colleen Atlee, husband and wife, filed joint Federal income tax…
2Cases cited7 opinions
- Coady v. CommissionerUnited States Tax Court · 1960
- Portland Mfg. Co. v. CommissionerUnited States Tax Court · 1971
- United States v. W. W. Marett and Ruth MarettCourt of Appeals for the Fifth Circuit · 1963
- Burke v. CommissionerUnited States Tax Court · 1964
- W. E. Gabriel Fabrication Co. v. CommissionerUnited States Tax Court · 1964
2 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Abeles v. CommissionerUnited States Tax Court · 1988
- Packard v. CommissionerUnited States Tax Court · 1985
- Redding v. CommissionerUnited States Tax Court · 1979
- D'Angelo Assoc., Inc. v. CommissionerUnited States Tax Court · 1978
- Boomershine v. CommissionerUnited States Tax Court · 1987
12 more not listed; retrieve them via the Exa API.