Roesel v. Commissioner
United States Tax Court
On Feb. 28, 1963, and Feb. 29, 1964, a qualifying subchapter S corporation issued checks to its shareholders, including the petitioners, in the amounts of $ 345,000 and $ 165,745, respectively. On or about Mar. 1, 1963, and Mar. 1, 1964, the shareholders issued their checks to the corporation in the amounts of $ 117,500 and $ 69,505, respectively, and received debentures and short-term notes of the corporation in such amounts.
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On Feb. 28, 1963, and Feb. 29, 1964, a qualifying subchapter S corporation issued checks to its shareholders, including the petitioners, in the amounts of $ 345,000 and $ 165,745, respectively. On or about Mar. 1, 1963, and Mar. 1, 1964, the shareholders issued their checks to the corporation in the amounts of $ 117,500 and $ 69,505, respectively, and received debentures and short-term notes of the corporation in such amounts. Held, that in substance the issuance by the corporation of the above checks did not constitute distributions of money in the full amounts thereof, but rather the…
1Opinion of the Court
ORINION
Milling, a qualifying subchapter S corporation, had undistributed taxable income for years prior to its taxable year ended February 28, 1963, which had been previously taxed to its shareholders. On the last day of such taxable year it initiated certain steps in an attempt to distribute to its shareholders substantially all of such previously taxed income. On February 28, 1963, it issued checks in the amount of $345,000 to them. On March 1,1963, they issued their checks to Milling in the amount of $117,500 and received debentures and short-term notes from Milling in that amount. A…
2Cases cited2 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- DeTreville v. United StatesDistrict Court, D. South Carolina · 1969
3Cited by16 opinions
- Fountain v. CommissionerUnited States Tax Court · 1973
- Clark v. CommissionerUnited States Tax Court · 1972
- McKelvy v. United StatesUnited States Court of Claims · 1973
- Cabax Mills v. CommissionerUnited States Tax Court · 1972
- Erickson v. CommissionerUnited States Tax Court · 1971
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