Tribune Pub. Co. v. Commissioner
United States Tax Court
In 1967, Tribune acquired 100 of 250 shares of News, and all of News' shareholders entered into an agreement that Tribune would have a right of first refusal if any other shareholder wished to sell his stock. In 1972, Tribune acquired 75 additional shares of News' stock, bringing its total to 175 shares. The other 75 shares were owned by two News employees.
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In 1967, Tribune acquired 100 of 250 shares of News, and all of News' shareholders entered into an agreement that Tribune would have a right of first refusal if any other shareholder wished to sell his stock. In 1972, Tribune acquired 75 additional shares of News' stock, bringing its total to 175 shares. The other 75 shares were owned by two News employees. Held, Tribune's right of first refusal was a condition running in its favor which substantially restricted or limited the News employees' right to dispose of their stock with the result that their stock was "excluded" stock within the…
1Opinion of the Court
Featherston, Judge-.
Respondent determined deficiencies in the Federal income taxes of petitioners in these consolidated cases as follows:
Petitioner Year Deficiency
Tribune Publishing Co . 1976 $14,789
1977 3,603
News Review Publishing Co., Inc . 1976 13,500
1977 13,558
1978 13,500
After concessions by the parties, the only issue remaining for decision is whether, during 1976, 1977, and 1978, petitioners constituted a parent-subsidiary controlled group of corporations within the meaning of section 1563(a)(1).1 The resolution of that issue depends on whether certain stock in petitioner News Review…
2Cases cited9 opinions
- Doss v. YinglingIndiana Court of Appeals · 1930
- Krauss v. KuechlerMassachusetts Supreme Judicial Court · 1938
- Martz v. CommissionerUnited States Tax Court · 1981
- Security Life Accident Ins. Co. v. CarlovitzSupreme Court of Alabama · 1949
- Barton Naphtha Co. v. CommissionerUnited States Tax Court · 1971
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3Cited by2 opinions
- Tribune Pub. Co. v. CommissionerUnited States Tax Court · 1982
- Tribune Publishing Co. And News Review Publishing Co., Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1984