Roach v. Commissioner
United States Tax Court
Liquidation under a plan requiring the immediate liquidation of a corporation's assets, where it appears that such assets are readily marketable and that the plan can readily be carried out, and it is in fact carried out well within the period allowed by the statute, is a "complete liquidation" within the meaning of section 115 (c) of the Internal Revenue Code (1940).
1Opinion of the Court
OPINION.
Arundell, Judge-.
The petitioner has realized a taxable gain of $9,200 from distributions made in the taxable year. There is no dispute concerning the amount of the gain. The controversy relates solely to the question of whether the gain is short term and taxable to the extent of 100 percent thereof, as the respondent has determined, or whether it is a long term capital gain and is to be recognized to the extent of only 50 percent, as claimed by the petitioner. The applicable statute is section 115 (c) of the Internal Revenue Code (1940), which is set out in the margin.1 It is to be…
2Cited by14 opinions
- Mountain Water Co. v. CommissionerUnited States Tax Court · 1960
- Burnside Veneer Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1948
- International Inv. Corp. v. CommissionerUnited States Tax Court · 1948
- McDaniel v. CommissionerUnited States Tax Court · 1955
- Burnside Veneer Co. v. CommissionerUnited States Tax Court · 1947
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