WOLF v. COMMISSIONER
United States Tax Court
A partnership and two individuals each owned one-third of the stock of a corporation. A new corporation was organized to which the stockholders transferred their stock in the old corporation, the individuals receiving cash and notes, and the partnership receiving stock of the new corporation. The new corporation also assumed and paid the remaining personal liability of the partnership on its original purchase of stock of the old corporation.
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A partnership and two individuals each owned one-third of the stock of a corporation. A new corporation was organized to which the stockholders transferred their stock in the old corporation, the individuals receiving cash and notes, and the partnership receiving stock of the new corporation. The new corporation also assumed and paid the remaining personal liability of the partnership on its original purchase of stock of the old corporation. The old corporation was almost immediately merged into the new corporation which carried on the same business. Held, that the transaction did not…
1Opinion of the Court
Atkins, Judge:
The respondent determined deficiencies in income tax for the taxable year 1958 as follows:
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The parties having agreed that the Qualified Minor’s Trust for Lesli Jean Wolf was not in existence in 1958, the respondent concedes error in his determination of a deficiency against such trust, but has amended his answer to make claim for additional deficiences from each of the other petitioners.
The issues presented for decision are whether the transfer by a partnership (composed of all the petitioners, except the Lesli Jean Wolf Trust) of its stock of a corporation to a…
2Cases cited20 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Higgins v. SmithSupreme Court of the United States · 1940
- Griffiths v. CommissionerSupreme Court of the United States · 1939
- United States v. IshamSupreme Court of the United States · 1873
15 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Hayes v. CommissionerUnited States Tax Court · 1993
- Ackerson v. United StatesDistrict Court, W.D. Kentucky · 1967
- Phelon v. CommissionerUnited States Tax Court · 1966
- Berger v. CommissionerUnited States Tax Court · 1974
- Estate of Lammerts v. CommissionerUnited States Tax Court · 1970
5 more not listed; retrieve them via the Exa API.