Wilson v. Commissioner
United States Tax Court
During the year 1947 and through February 10, 1948, petitioner, the owner of all but a nominal number of shares of stock of Wil-Tex, owed Wil-Tex $ 33,950. On February 10, 1948, petitioner entered into a contract with Panhandle to sell all of the shares of Wil-Tex for $ 4,000,000, less net liabilities of Wil-Tex, net liabilities being defined as liabilities less current assets as shown by balance sheet of February 28, 1948. The closing date was to be March 10, 1948. Later,…
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During the year 1947 and through February 10, 1948, petitioner, the owner of all but a nominal number of shares of stock of Wil-Tex, owed Wil-Tex $ 33,950. On February 10, 1948, petitioner entered into a contract with Panhandle to sell all of the shares of Wil-Tex for $ 4,000,000, less net liabilities of Wil-Tex, net liabilities being defined as liabilities less current assets as shown by balance sheet of February 28, 1948. The closing date was to be March 10, 1948. Later, the closing date was by mutual agreement advanced to April 10, 1948, with the net liabilities to be determined at the…
1Opinion of the Court
OPINION.
Black, Judge:
The petitioners returned the $33,950 in question as dividend income, that being the manner in which the cancellation of the account receivable was reflected on both the books of Wil-Tex and of Wilson. Petitioners now contend that they erred in treating the $33,950 as a dividend.
It may at this juncture be observed that the adjustments made by the Commissioner to the net community income reported by petitioners on their returns, which resulted in the deficiencies, are not in issue. Petitioners did not assign error as to them. What petitioners now assign as error in the…
2Cases cited8 opinions
- Merchants' Loan & Trust Co. v. SmietankaSupreme Court of the United States · 1921
- Moore v. CommissionerCourt of Appeals for the Seventh Circuit · 1941
- De Guire v. HigginsCourt of Appeals for the Second Circuit · 1947
- Gilmore v. CommissionerUnited States Tax Court · 1956
- Northern Trust Co. Of Chicago v. United StatesCourt of Appeals for the Seventh Circuit · 1952
3 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Waterman Steamship Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1970
- Steel Improv. & Forge Co. v. CommissionerUnited States Tax Court · 1961
- Christensen v. CommissionerUnited States Tax Court · 1959
- The Steel Improvement and Forge Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1963
- Waterman S.S. Corp. v. CommissionerUnited States Tax Court · 1968
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