Gegax v. Commissioner
United States Tax Court
In a reorganization intending to comply with sec. 368(a)(1)(C), I.R.C. 1954, substantially all the assets of one corporation were transferred to another in exchange for stock. The transferee corporation operated the business of its predecessor under the same name and in essentially the same manner. There was no substantial change in the makeup of employees, and petitioners were employed in the same capacity both before and after the reorganization.
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In a reorganization intending to comply with sec. 368(a)(1)(C), I.R.C. 1954, substantially all the assets of one corporation were transferred to another in exchange for stock. The transferee corporation operated the business of its predecessor under the same name and in essentially the same manner. There was no substantial change in the makeup of employees, and petitioners were employed in the same capacity both before and after the reorganization. Six months later, the predecessor corporation was liquidated, and the assets of its qualified profit-sharing plan, not adopted by the transferee…
1Opinion of the Court
Steven Gegax and Mary Gegax, et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Gegax v. Commissioner
Docket Nos. 109-77, 177-77, 515-77, 1093-77, 1436-77, 1903-77
United States Tax Court
73 T.C. 329; 1979 U.S. Tax Ct. LEXIS 17;
November 26, 1979, Filed
Decisions will be entered under Rule 155.
In a reorganization intending to comply with sec. 368(a)(1)(C), I.R.C. 1954, substantially all the assets of one corporation were transferred to another in exchange for stock. The transferee corporation operated the business of its predecessor under the same name and in essentially the same…
Also in this document: Dissent.
2Cases cited14 opinions
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- United States v. Ophelia Johnson and Ophelia R. Johnson, as Under the Last Will and Testament of Clifford L. Johnson, DeceasedCourt of Appeals for the Fifth Circuit · 1964
- Miller v. CommissionerUnited States Tax Court · 1954
- Glinske v. CommissionerUnited States Tax Court · 1951
- United States v. Ben Martin and Rachel T. MartinCourt of Appeals for the Eighth Circuit · 1964
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