Maloney v. Commissioner
United States Tax Court
Petitioners were the controlling shareholders of several corporations. One of these (Van), owned real estate (the I-10 property). Petitioners intended to acquire other real estate (Elysian Fields), and also intended to consolidate operations of several of their corporations and use Elysian Fields in these operations. On the advice of Van's attorney, petitioners decided to have Van exchange the I-10 property for Elysian Fields in a like-kind exchange.
Read the full summary
Petitioners were the controlling shareholders of several corporations. One of these (Van), owned real estate (the I-10 property). Petitioners intended to acquire other real estate (Elysian Fields), and also intended to consolidate operations of several of their corporations and use Elysian Fields in these operations. On the advice of Van's attorney, petitioners decided to have Van exchange the I-10 property for Elysian Fields in a like-kind exchange. Also on the attorney's advice, petitioners decided to liquidate Van under sec. 333, I.R.C. 1954. On Dec. 28, 1978, Van acquired title to Elysian…
1Opinion of the Court
Bonny B. Maloney and Robert S. Maloney, Petitioners v. Commissioner of Internal Revenue, Respondent; Bonny B. Maloney and Robert S. Maloney, Transferees of Assets of Maloney Van & Furniture Storage, Inc., Petitioners v. Commissioner of Internal Revenue, Respondent
Maloney v. Commissioner
Docket Nos. 41612-84, 1716-85
United States Tax Court
93 T.C. 89; 1989 U.S. Tax Ct. LEXIS 105; 93 T.C. No. 9;
July 25, 1989; As corrected July 24, 1989; As corrected August 18, 1989 July 25, 1989, Filed
Decision will be entered under Rule 155 in docket No. 41612-84, and decision will be entered for the petitioners…
2Cases cited17 opinions
- Higgins v. SmithSupreme Court of the United States · 1940
- Joseph R. Bolker v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
- Portland Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1940
- Biggs v. CommissionerUnited States Tax Court · 1978
- Zuanich v. CommissionerUnited States Tax Court · 1981
12 more not listed; retrieve them via the Exa API.