Pollack v. Commissioner
United States Tax Court
1. A group of persons joined together to buy and operate a hotel. They formed a Florida corporation for this purpose and purchased its stock. An amendment to the corporate charter stated that there were to be 100 shares of stock made up of classes A, B, C, and D, consisting of 33 1/3, 33 1/3, 16 2/3, and 16 2/3 shares, respectively. Each class had the right to elect a director.
Read the full summary
1. A group of persons joined together to buy and operate a hotel. They formed a Florida corporation for this purpose and purchased its stock. An amendment to the corporate charter stated that there were to be 100 shares of stock made up of classes A, B, C, and D, consisting of 33 1/3, 33 1/3, 16 2/3, and 16 2/3 shares, respectively. Each class had the right to elect a director. Held, the corporation had four classes of stock with disproportionate voting rights (not withstanding that the certificates issued failed to contain descriptive words identifying the various classes) and did not…
1Opinion of the Court
OPINION
Raum, Judge:
1. Qualification of Shelborne Enterfrises, Inc., as “Small Business 0orporation”. — In 1957, Irving Pollack and others joined together to purchase the Shelborne Hotel in Miami Beach, Fla. The price was payable in large part out of the proceeds of mortgage notes, but additional cash in the amount of $500,000 was required. Such cash was put up as follows: $125,000 by Pollack; $125,000 by a group headed by Oharles Yavers, who was to be active with Pollack in managing the hotel; and $125,000 each by Irving E. Miller and Morris Popkin, neither of whom was to take part in…
2Cases cited21 opinions
- Automobile Club of Mich. v. CommissionerSupreme Court of the United States · 1957
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Interstate Circuit, Inc. v. United StatesSupreme Court of the United States · 1939
- Manhattan General Equipment Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Dixon v. United StatesSupreme Court of the United States · 1965
16 more not listed; retrieve them via the Exa API.
3Cited by108 opinions
- Petzoldt v. CommissionerUnited States Tax Court · 1989
- Niedringhaus v. CommissionerUnited States Tax Court · 1992
- Sonnenborn v. CommissionerUnited States Tax Court · 1971
- Huntsberry v. CommissionerUnited States Tax Court · 1984
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
103 more not listed; retrieve them via the Exa API.