Duerr v. Commissioner
United States Tax Court
1. Securities payable only out of income being more like preferred stock than debentures, held, the receipt thereof resulted in continuation rather than termination of petitioner's interest in the issuing corporation; Carter Tiffany, 16 T.C. 1443, distinguished; and receipt of additional such securities in lieu of accrued dividends on previously existing "preferred stock," held, essentially equivalent to a dividend. 2. In absence of Federal estate tax return or other…
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1. Securities payable only out of income being more like preferred stock than debentures, held, the receipt thereof resulted in continuation rather than termination of petitioner's interest in the issuing corporation; Carter Tiffany, 16 T.C. 1443, distinguished; and receipt of additional such securities in lieu of accrued dividends on previously existing "preferred stock," held, essentially equivalent to a dividend. 2. In absence of Federal estate tax return or other evidence, value as appraised for State inheritance tax purposes, held, fair market value at date of death and basis to legatee…
1Opinion of the Court
Respondent determined a deficiency in income tax of petitioner for 1952 of $5,232.23. The issues to be resolved are (1) whether the receipt of “debentures” by petitioner from a corporation was essentially equivalent to a dividend, and (2) whether respondent’s determination of the basis of petitioner’s stock is erroneous.
FINDINGS OK FACT.
Petitioner filed her Federal income tax return for 1952 with the district director of internal revenue at Louisville, Kentucky.
P. A. Vogel & Sons Company, hereafter referred to as Vogel, was incorporated in Kentucky in 1919 as a wholesale supplier of plumbing…
2Cases cited6 opinions
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Universal Oil Products Co. v. Campbell (United States, Intervenor) (Two Cases)Court of Appeals for the Seventh Circuit · 1950
- Bullock v. CommissionerUnited States Tax Court · 1956
- Jewel Tea Co. v. United StatesCourt of Appeals for the Second Circuit · 1937
- Lester Lumber Co. v. CommissionerUnited States Tax Court · 1950
1 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Dunn v. CommissionerUnited States Tax Court · 1978
- Lisle v. CommissionerUnited States Tax Court · 1976
- Herbster v. CommissionerUnited States Tax Court · 1963
- Duerr v. CommissionerUnited States Tax Court · 1958
- Dunn v. CommissionerUnited States Tax Court · 1978
1 more not listed; retrieve them via the Exa API.