Wales v. Commissioner
United States Tax Court
The filing of a statement of intent to dissolve in compliance with Colorado statutes by the sole corporate shareholders was tantamount to the adoption of a plan of liquidation by the corporation within the meaning of sec. 333, I.R.C. 1954. Therefore, the attempted elections of the shareholders under said sec. 333 (which they now seek to avoid) were out of time and ineffective.
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The filing of a statement of intent to dissolve in compliance with Colorado statutes by the sole corporate shareholders was tantamount to the adoption of a plan of liquidation by the corporation within the meaning of sec. 333, I.R.C. 1954. Therefore, the attempted elections of the shareholders under said sec. 333 (which they now seek to avoid) were out of time and ineffective. Shull v. Commissioner, 291 F. 2d 680 (C.A. 4, 1961), reversing Frank T. Shull, 34 T.C. 533 (1960), followed.
1Opinion of the Court
Harold O. Wales and Dorothy Wales, Petitioners v. Commissioner of Internal Revenue, Respondent
Wales v. Commissioner
Docket No. 3617-65
United States Tax Court
50 T.C. 399; 1968 U.S. Tax Ct. LEXIS 118;
May 29, 1968, Filed
Decision will be entered in accordance with the foregoing opinion.
The filing of a statement of intent to dissolve in compliance with Colorado statutes by the sole corporate shareholders was tantamount to the adoption of a plan of liquidation by the corporation within the meaning of sec. 333, I.R.C. 1954. Therefore, the attempted elections of the shareholders under said sec. 333…
2Cases cited8 opinions
- Mountain Water Co. v. CommissionerUnited States Tax Court · 1960
- Alameda Realty Corp. v. CommissionerUnited States Tax Court · 1964
- International Inv. Corp. v. CommissionerUnited States Tax Court · 1948
- Roach v. CommissionerUnited States Tax Court · 1945
- Frank T. Shull and Ann R. Shull v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1961
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