FLEMING v. COMMISSIONER
United States Tax Court
1. Calvin A. Fleming, with his wife and children, moved to Louisiana from Minnesota in 1910. Shortly thereafter, he organized corporation A, acquiring its capital stock with cash which had been earned by him in Minnesota. His wife died in 1932, at which time the stock of A was held, 87 shares by Fleming and 54 shares in varying numbers by their children.
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1. Calvin A. Fleming, with his wife and children, moved to Louisiana from Minnesota in 1910. Shortly thereafter, he organized corporation A, acquiring its capital stock with cash which had been earned by him in Minnesota. His wife died in 1932, at which time the stock of A was held, 87 shares by Fleming and 54 shares in varying numbers by their children. In 1937 corporation B was organized to acquire, and did acquire, the lands owned by corporation A, and its stock was issued to the stockholders of A, share for share. Oil was discovered on the said lands, and thereafter in 1940 B was…
1Opinion of the Court
OPINION.
TuRNer, Judge:
The question common to all petitioners is what gain, if any, was realized by them as stockholders upon the complete liquidation of Fleming Plantation, Inc., in 1940. The law of the case has been very aptly summarized by the United States Circuit Court of Appeals for the Fifth Circuit in Boudreau v. Commissioner, 134 Fed. (2d) 360, affirming 45 B. T. A. 390, as follows: “Under the express provisions of the applicable statute, when there is complete liquidation of a corporation, stockholders are accountable for the difference between the cost basis of their stock and the…
2Cases cited12 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Kittredge v. GrauSupreme Court of Louisiana · 1925
- Fortier v. BarrySupreme Court of Louisiana · 1904
- Ramsey v. BeckSupreme Court of Louisiana · 1922
- Durham v. WilliamsSupreme Court of Louisiana · 1880
7 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Fleming v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1946
- Miles Production Co. v. CommissionerUnited States Tax Court · 1969
- Beach Petroleum Corp. v. CommissionerUnited States Tax Court · 1946
- FLEMING v. COMMISSIONERUnited States Tax Court · 1944
- Finley v. CommissionerUnited States Tax Court · 1982
2 more not listed; retrieve them via the Exa API.