Olson v. Commissioner
United States Tax Court
Petitioners were the sole shareholders of Bottled (Olson) Gas Shop, Inc., a corporation engaged in the distribution of propane gas and related equipment. Pursuant to a plan adopted for the complete liquidation and dissolution of the corporation within a twelve-month period as provided by section 337, IRC 1954, the corporation sold its propane gas business and all of its assets, real and personal, except its accounts receivable, to Ashland Oil & Refining Company.
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Petitioners were the sole shareholders of Bottled (Olson) Gas Shop, Inc., a corporation engaged in the distribution of propane gas and related equipment. Pursuant to a plan adopted for the complete liquidation and dissolution of the corporation within a twelve-month period as provided by section 337, IRC 1954, the corporation sold its propane gas business and all of its assets, real and personal, except its accounts receivable, to Ashland Oil & Refining Company. Ashland paid $125,000 of the purchase price on February 1, 1965, designated as the first closing date, and the balance, amounting to…
1Opinion of the Court
Orville L. Olson, Sr. and Ruby A. Olson, Transferees v. Commissioner.
Olson v. Commissioner
Docket No. 5287-67.
United States Tax Court
T.C. Memo 1970-92; 1970 Tax Ct. Memo LEXIS 268; 29 T.C.M. (CCH) 445; T.C.M. (RIA) 70092;
April 23, 1970, Filed
Petitioners were the sole shareholders of Bottled (Olson) Gas Shop, Inc., a corporation engaged in the distribution of propane gas and related equipment. Pursuant to a plan adopted for the complete liquidation and dissolution of the corporation within a twelve-month period as provided by section 337, IRC 1954, the corporation sold its propane gas business…
2Cases cited9 opinions
- Helvering v. TaylorSupreme Court of the United States · 1935
- Durkee v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1947
- Pridemark, Inc. v. CommissionerUnited States Tax Court · 1964
- Boyle Fuel Co. v. CommissionerUnited States Tax Court · 1969
- Alphaco, Inc., a Delaware Corporation v. E. J. Nelson, District Director of Internal RevenueCourt of Appeals for the Seventh Circuit · 1967
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