Cocker v. Commissioner
United States Tax Court
Petitioners entered into an agreement in 1964 to exchange stock in one corporation for stock in another corporation in a transaction qualifying as a reorganization under sec. 368(a)(1)(B). The agreement called for two distributions of the acquiring corporation's stock: the first in 1964 on the date of the agreement, and the second in 1969. No provision was made for the payment of interest on the second distribution.
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Petitioners entered into an agreement in 1964 to exchange stock in one corporation for stock in another corporation in a transaction qualifying as a reorganization under sec. 368(a)(1)(B). The agreement called for two distributions of the acquiring corporation's stock: the first in 1964 on the date of the agreement, and the second in 1969. No provision was made for the payment of interest on the second distribution. Petitioners actually received three distributions under the agreement: one in 1964, one in 1969, and one in 1971. Held, a portion of the stock received by petitioners in 1969 and…
1Opinion of the Court
Irwin, Judge:
Respondent determined deficiencies in petitioners’ Federal income tax for the calendar years 1969 and 1971 as follows:
Deficiencies
Docket No. 1969 1971
2754-74 John Cocker III and Dorothy Cocker.... $20,526.10 $24,973.93
2755-74 F. Hoyt Cunningham, Jr., and Helen Cunningham. 168.90 209.71
2756-74 Mary C. Parker. 257.40 175.59
The three dockets have been consolidated for purposes of trial, briefing, and opinion. The only issue we have to decide is whether any portion of the Walter Kidde & Co., Inc., stock received by certain of the petitioners pursuant to a plan of reorganization under…
2Cases cited14 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- International Business MacHines Corporation v. The United StatesUnited States Court of Claims · 1965
- Davis v. CommissionerUnited States Tax Court · 1976
- June M. Carlberg, by Vida M. Frick, Guardian v. United StatesCourt of Appeals for the Eighth Circuit · 1960
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3Cited by12 opinions
- Walter F. Vorbleski and Florence Vorbleski v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1978
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- Lester H. Krabbenhoft Anna Krabbenhoft v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1991
- Kingsley v. CommissionerUnited States Tax Court · 1979
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