Segura v. Commissioner
United States Tax Court
Associates, petitioner Segura's wholly owned corporation, while insolvent, paid a dividend to Segura by canceling a debt owed by Segura to Associates. Held, such dividend is a transfer of property sufficient to make Segura liable as a transferee within the meaning of sec. 6901, I.R.C. 1954. Whitney v. Commissioner, 26 B.T.A. 212 (1932), and Steinle v. Commissioner, 19 B.T.A. 325 (1930), distinguished.
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Associates, petitioner Segura's wholly owned corporation, while insolvent, paid a dividend to Segura by canceling a debt owed by Segura to Associates. Held, such dividend is a transfer of property sufficient to make Segura liable as a transferee within the meaning of sec. 6901, I.R.C. 1954. Whitney v. Commissioner, 26 B.T.A. 212 (1932), and Steinle v. Commissioner, 19 B.T.A. 325 (1930), distinguished. Held, further, respondent failed to prove that Associates transferred any of its assets to petitioner Segura, Inc.
1Opinion of the Court
Perry Segura, Petitioner v. Commissioner of Internal Revenue, Respondent; Perry Segura, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Segura v. Commissioner
Docket Nos. 1178-79, 1272-79
United States Tax Court
77 T.C. 734; 1981 U.S. Tax Ct. LEXIS 51;
September 30, 1981, Filed
Decisions will be entered under Rule 155.
Associates, petitioner Segura's wholly owned corporation, while insolvent, paid a dividend to Segura by canceling a debt owed by Segura to Associates. Held, such dividend is a transfer of property sufficient to make Segura liable as a transferee within the meaning of…
2Cases cited23 opinions
- Phillips v. CommissionerSupreme Court of the United States · 1931
- Commissioner v. SternSupreme Court of the United States · 1958
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- Healy v. CommissionerSupreme Court of the United States · 1953
- Mayerson v. CommissionerUnited States Tax Court · 1966
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