Standard Linen Service, Inc. v. Commissioner
United States Tax Court
1. Model Laundry Co. operated a laundry and linen supply business, the latter partially by a wholly owned subsidiary, Standard Linen. Model had 61,795 shares of stock outstanding, 51,407 of which were held by one family. Model needed capital for repairs, liabilities, and expansion. The family shareholders, excepting Henry Marks (family head, Model's president, and holder of 14,500 shares), decided to sell their stock.
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1. Model Laundry Co. operated a laundry and linen supply business, the latter partially by a wholly owned subsidiary, Standard Linen. Model had 61,795 shares of stock outstanding, 51,407 of which were held by one family. Model needed capital for repairs, liabilities, and expansion. The family shareholders, excepting Henry Marks (family head, Model's president, and holder of 14,500 shares), decided to sell their stock. A purchaser, Alsco, was secured, which was interested solely in acquiring Model's linen supply assets. The family, joined by minority interests, offered only their stock for…
1Opinion of the Court
Standard Linen Service, Inc., et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Standard Linen Service, Inc. v. Commissioner
Docket Nos. 67447, 69229-69237
United States Tax Court
33 T.C. 1; 1959 U.S. Tax Ct. LEXIS 68;
October 8, 1959, Filed
Decisions will be entered under Rule 50.
1. Model Laundry Co. operated a laundry and linen supply business, the latter partially by a wholly owned subsidiary, Standard Linen. Model had 61,795 shares of stock outstanding, 51,407 of which were held by one family. Model needed capital for repairs, liabilities, and expansion. The family…
2Cases cited16 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Helvering v. WinmillSupreme Court of the United States · 1938
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Commissioner of Internal Revenue v. Ashland Oil & Refining Co.Court of Appeals for the Sixth Circuit · 1938
- Berwind v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1954
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