Legal Opinion
Simon v. Commissioner
Court of Appeals for the Fifth Circuit
Decided April 17, 1981No. 79-2700PublishedCited by 7 opinions
1Opinion of the Court
RONEY, Circuit Judge:
The sole issue on appeal is whether a distribution by a company to its shareholders was incident to a liquidation or to a reorganization. If a liquidation, the distribution is taxed as capital gains. If a reorganization, it is taxed as ordinary income. The Tax Court found a liquidation. We reverse, holding the distribution, preceded by a transfer of “substantially all” of the company’s operating assets to another company owned by the shareholders, was a step in a plan of reorganization.
The Facts
This litigation, the basic facts of which are not in dispute, centers on the…
2Cases cited13 opinions
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- J. E. Davant and Kathryn Davant v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. J. E. Davant and Kathryn DavantCourt of Appeals for the Fifth Circuit · 1966
- Lewis v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1949
- Reef Corporation v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Reef CorporationCourt of Appeals for the Fifth Circuit · 1966
- William Liddon v. Commissioner of Internal Revenue, Maria Prothro Liddon v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1956
8 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Rutter v. CommissionerUnited States Tax Court · 1983
- Kenlin Industries, Incorporated v. United StatesCourt of Appeals for the Fourth Circuit · 1991
- Viereck v. United StatesUnited States Court of Claims · 1983
- Iowa School of Men's Haristyling, Inc. v. CommissionerUnited States Tax Court · 1992
- Joseph Simon and Jonnie H. Simon v. Commissioner of Internal Revenue, Warner L. Mathis and Hazel Mathis v. Commissioner of Internal Revenue, John M. Beard, Jr. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1981
2 more not listed; retrieve them via the Exa API.