Kuper v. Commissioner
United States Tax Court
Three brothers, A, B, and C, owned most of the stock of corporation X and all of the stock of corporation Y. A, B, and C transferred all of Y stock to purportedly redeem out C's interest in X. X also concurrently agreed to transfer $ 57,228.71 in cash to Y. This amount was later negotiated down to $ 42,513.54. Held, A, B, and C's attempted contribution of their Y stock to X and X's subsequent purported redemption of C's interest in X were merely tortured attempts to disguise…
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Three brothers, A, B, and C, owned most of the stock of corporation X and all of the stock of corporation Y. A, B, and C transferred all of Y stock to purportedly redeem out C's interest in X. X also concurrently agreed to transfer $ 57,228.71 in cash to Y. This amount was later negotiated down to $ 42,513.54. Held, A, B, and C's attempted contribution of their Y stock to X and X's subsequent purported redemption of C's interest in X were merely tortured attempts to disguise what was essentially a taxable exchange of stock between A, B, and C. Held, further, X's transfer of cash to Y was…
1Opinion of the Court
Fat, Judge:
Respondent determined deficiencies for the taxable year 1966 in the Federal income taxes of petitioners James Kuper (James) and Martha Kuper (Martha) and petitioners Charles Kuper (Charles) and Kathleen Kuper (Kathleen) in the respective amounts of $15,079.02 and $14,034.95.
The issues for determination by the Court are as follows: (1) Whether the series of transactions in 1966 by which petitioners acquired a majority stock ownership in Kuper Volkswagen, Inc. (Kuper Volkswagen), and by which George Kuper (George) acquired a 100-percent stock ownership in Kuper Enterprises, Inc.…
2Cases cited22 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Griffiths v. CommissionerSupreme Court of the United States · 1939
- Minnesota Tea Co. v. HelveringSupreme Court of the United States · 1938
- Kimbell-Diamond Milling Co. v. Comm'rUnited States Tax Court · 1950
- Kimbell-Diamond Milling Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
17 more not listed; retrieve them via the Exa API.
3Cited by30 opinions
- Palmer v. CommissionerUnited States Tax Court · 1974
- Cal-Maine Foods, Inc. v. CommissionerUnited States Tax Court · 1989
- Magnon v. CommissionerUnited States Tax Court · 1980
- James and Martha Kuper and Charles and Kathleen Kuper, Cross-Appellees v. Commissioner of Internal Revenue, Cross-AppellantCourt of Appeals for the Fifth Circuit · 1976
- Schwartz v. CommissionerUnited States Tax Court · 1978
25 more not listed; retrieve them via the Exa API.