Temkin v. Commissioner
United States Tax Court
Petitioners availed themselves of a corporation to construct an apartment building and to sell all of their stock in the apartment building prior to the realization by the corporation of a substantial proportion of the income to be derived therefrom.
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Petitioners availed themselves of a corporation to construct an apartment building and to sell all of their stock in the apartment building prior to the realization by the corporation of a substantial proportion of the income to be derived therefrom. The sale was occasioned by the ill health of Shapiro and the medical advice he received in connection therewith and the inability of Temkin to purchase Shapiro's stock, coupled with his conviction that he was unqualified to manage the operation of the apartment building. Held, although the corporation was "availed of" within the meaning of…
1Opinion of the Court
Withet, Judge:
The Commissioner has determined a deficiency in the income tax of each of the petitioners for the year 1951 in the amount of $1,931.91 with respect to Maxwell and Mary Temkin and in the amount of $6,105.94 with respect to William and Helen Shapiro. The questions presented for our decision are whether Audubon Park Apartments, Inc., was a collapsible corporation under section 117 (m) of the Internal Revenue Code of 1939 and, if it was, whether more than 70 percent of the gain realized by petitioners on the sale of their stock in that corporation is attributable to the construction…
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