Estate of Howes v. Commissioner
United States Tax Court
The shareholders of a group of affiliated corporations wished to sell their stock therein. The representative of an alumni group of New York University expressed interest in purchasing the stock of the affiliated group if all stock could be acquired.
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The shareholders of a group of affiliated corporations wished to sell their stock therein. The representative of an alumni group of New York University expressed interest in purchasing the stock of the affiliated group if all stock could be acquired. A corporation was organized with authorized capital of $ 1,000, whose charter provided it was organized exclusively for the benefit of the University, and that no part of its income or property could inure to the private benefit of any stockholder, director, or officer. The stockholders of the affiliated group transferred their stock to that…
1Opinion of the Court
Ttetjens, Judge:
These consolidated proceedings involve deficiencies and claimed overpayments of income tax for the taxable periods set forth below:
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The issues are: (1) Whether the exchange by petitioners of their stock in an affiliated group of corporations for cash, a note and bonds of the corporate petitioner, into which the affiliated group was merged, constituted the sale of a capital asset, or was it lacking in substance so as to subject the cash received to taxation either as ordinary business income, or as a dividend, or as a distribution in the course of a section 112 (g)…
2Cases cited11 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Higgins v. SmithSupreme Court of the United States · 1940
- John Kelley Co. v. CommissionerSupreme Court of the United States · 1946
- Benjamin D. And Madeline Prentice Gilbert v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1957
- LeTulle v. ScofieldSupreme Court of the United States · 1940
6 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- Commissioner v. BrownSupreme Court of the United States · 1965
- Hancock Academy of Savannah, Inc. v. CommissionerUnited States Tax Court · 1977
- Brown v. CommissionerUnited States Tax Court · 1961
- Anderson Dairy, Inc. v. CommissionerUnited States Tax Court · 1963
- Commissioner v. JohnsonCourt of Appeals for the First Circuit · 1959
22 more not listed; retrieve them via the Exa API.