Storz v. Commissioner
United States Tax Court
1. S-W-B, a corporation engaged in the investment banking business, sold its entire business, pursuant to a plan of liquidation under sec. 337, I.R.C. 1954. At the time of the sale S-W-B had numerous uncompleted contracts for the underwriting of securities, which contracts were transferred to, and completed by, the purchaser of the business, which received compensation therefrom upon completion.
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1. S-W-B, a corporation engaged in the investment banking business, sold its entire business, pursuant to a plan of liquidation under sec. 337, I.R.C. 1954. At the time of the sale S-W-B had numerous uncompleted contracts for the underwriting of securities, which contracts were transferred to, and completed by, the purchaser of the business, which received compensation therefrom upon completion. Held: No portion of the purchase price received by S-W-B in the sale of its business represented an assignment of income from partial performance of services under the transferred underwriting…
1Opinion of the Court
Fay, Judge:
Respondent determined a liability against petitioner Robert H. Storz, as transferee, with respect to a deficiency determined against Storz-Wachob-Bender Co., trans-feror, in the amount of $58,494.38 for the taxable period April 1, 1966, to February 20, 1967. The issue for decision (docket No. 8293-71) is whether a portion of the amount received by Storz-Wachob-Bender Co. for the sale of its business represented payment for the assignment of income which it had already earned and was, therefore, taxable to Storz-Wachob-Bender Co. as ordinary income. Petitioner Robert H: Storz has…
2Cases cited14 opinions
- Lucas v. EarlSupreme Court of the United States · 1930
- Helvering v. HorstSupreme Court of the United States · 1940
- Helvering v. EubankSupreme Court of the United States · 1941
- Jud Plumbing & Heating, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1946
- Fox v. CommissionerUnited States Tax Court · 1968
9 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Gilman v. CommissionerUnited States Tax Court · 1979
- Robert H. Storz, Transferee of Storz-Wachob-Bender Co., a Dissolved Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1978
- Clayton v. CommissionerUnited States Tax Court · 1981
- Gilman v. CommissionerUnited States Tax Court · 1979
2 more not listed; retrieve them via the Exa API.