August v. Commissioner
United States Tax Court
Petitioners were the owners of all the stock of a corporation which, as its principal activity for the years pertinent herein, constructed apartment houses, which were financed by loans insured by the Federal Housing Administration.
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Petitioners were the owners of all the stock of a corporation which, as its principal activity for the years pertinent herein, constructed apartment houses, which were financed by loans insured by the Federal Housing Administration. The construction loans received and so insured exceeded costs of construction by $ 216,654.08. At the end of the taxable year, which was the year following completion of construction, the petitioners, as its only stockholders, caused the corporation to distribute $ 205,000 to them from the surplus mortgage funds which it had continued to hold in its treasury, in…
1Opinion of the Court
The respondent determined deficiencies in income tax against the petitioners for the taxable year 1950 as follows:
Docket No. Deficiency
58949_Elizabeth M. August_$27, 842.34
58975_Sam Madway and Theresa Madway- 7,235. 64
58976_Ralph K. Madway and Bette D. Madway- 7, 325.25
58977_Jacob Margolis and Pauline Margolis_ 5,133. 80
58978_Harry K. Madway and Beatrice B. Madway_ 19,413. 05
The questions for decision are whether a corporation of which petitioners were the shareholders and from which they received a distribution in redemption of part of their stock, was availed of for the construction of…
2Cases cited7 opinions
- Raymond G. Burge and Kathleen E. Burge v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Burge v. CommissionerUnited States Tax Court · 1957
- Gross v. CommissionerUnited States Tax Court · 1955
- Commissioner of Internal Revenue v. George M. Gross and Anna Gross, (And Ten Other Consolidated Petitions for Review)Court of Appeals for the Second Circuit · 1956
- Pool v. CommissionerCourt of Appeals for the Ninth Circuit · 1957
2 more not listed; retrieve them via the Exa API.
3Cited by31 opinions
- Sidney v. CommissionerUnited States Tax Court · 1958
- Bryan v. CommissionerUnited States Tax Court · 1959
- Jack and Celia Farber v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1963
- Sproul Realty Co. v. CommissionerUnited States Tax Court · 1962
- Tobias v. CommissionerUnited States Tax Court · 1963
26 more not listed; retrieve them via the Exa API.