Baicker v. Commissioner
United States Tax Court
B is a stockholder in G, a subchapter S corporation. G had been organized to receive the assets of one of the divisions of PGT corporation in a tax-free divisive sec. 368(a)(1)(D) reorganization. B was a minority stockholder in PGT and exchanged a portion of his PGT stock for his stock in G. The transferred assets were depreciable personal property, and PGT had taken investment tax credits in prior years in respect of those assets.
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B is a stockholder in G, a subchapter S corporation. G had been organized to receive the assets of one of the divisions of PGT corporation in a tax-free divisive sec. 368(a)(1)(D) reorganization. B was a minority stockholder in PGT and exchanged a portion of his PGT stock for his stock in G. The transferred assets were depreciable personal property, and PGT had taken investment tax credits in prior years in respect of those assets. Because of the early termination of its use of the assets, PGT "recaptured" (sec. 47(a)) that portion of the investment tax credits allocable to the lives of the…
1Opinion of the Court
OPINION
RAUM, Judge:
The Commissioner determined a $1,591.30 deficiency in petitioners’ 1983 income tax. Petitioners, husband and wife, filed a joint return as well as two successive amended joint returns. The deficiency resulted in part from the disallowance of an investment tax credit (ITC) claimed by petitioners in their first amended return, and they now seek a determination of an overpayment of $10,639. After certain concessions, the only issue remaining in dispute relates to the investment tax credit which in turn is based upon the investment tax credit claimed by a subchapter S…
2Cases cited4 opinions
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- Huntsberry v. CommissionerUnited States Tax Court · 1984
- Occidental Petroleum Corp. v. United StatesUnited States Court of Claims · 1982
- Estate of Rosenberg v. CommissionerUnited States Tax Court · 1986
3Cited by7 opinions
- Clark v. Comm'rUnited States Tax Court · 1993
- Trinova Corp. v. CommissionerUnited States Tax Court · 1997
- Baicker v. CommissionerUnited States Tax Court · 1989
- Clark v. Comm'rUnited States Tax Court · 1993
- Karason v. Comm'rUnited States Tax Court · 2007
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