Sproul Realty Co. v. Commissioner
United States Tax Court
In 1954, S corporation was formed for the purpose of developing and constructing a shopping center. S purchased a tract of land and obtained commercial zoning for such land, hired an architect to prepare plans for the shopping center, found tenants to sign leases for the planned buildings, and unsuccessfully attempted to obtain permanent mortgage financing for the project.
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In 1954, S corporation was formed for the purpose of developing and constructing a shopping center. S purchased a tract of land and obtained commercial zoning for such land, hired an architect to prepare plans for the shopping center, found tenants to sign leases for the planned buildings, and unsuccessfully attempted to obtain permanent mortgage financing for the project. In 1956, before physical construction of the shopping center had begun and before S had realized any taxable income from the shopping center, S agreed to sell its entire interest in the shopping center to K. of C.…
1Opinion of the Court
OPINION.
Raum, Judge:
Under section 337(a) of the 1954 Code, a corporation which adopts a plan of complete liquidation and distributes all of its assets within a 12-month period thereafter recognizes no gain or loss from the sale or exchange of its property during such 12-month liquidating period.2 However, section 337 (c) (1) (A) states that these provisions shall not apply to any sale or exchange “made by a collapsible corporation (as defined in section 341(b)).” Pertinent excerpts from section 341(b) appear in the margin.3 At issue herein is the correctness of the Commissioner’s…
2Cases cited19 opinions
- Raymond G. Burge and Kathleen E. Burge v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- J. D. Abbott and Kathryn Abbott v. Commissioner of Internal Revenue, Carl M. Wolfe and Mary E. Wolfe v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Abbott v. CommissionerUnited States Tax Court · 1957
- Burge v. CommissionerUnited States Tax Court · 1957
- Farber v. CommissionerUnited States Tax Court · 1961
14 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Tobias v. CommissionerUnited States Tax Court · 1963
- Computer Sciences Corp. v. CommissionerUnited States Tax Court · 1974
- Van Heusden v. CommissionerUnited States Tax Court · 1965
- Thomas v. CommissionerUnited States Tax Court · 1981
- Leisure Time Enterprises, Inc. v. CommissionerUnited States Tax Court · 1971
11 more not listed; retrieve them via the Exa API.