Wilson v. Commissioner
United States Tax Court
During the year 1947 and through February 10, 1948, petitioner, the owner of all but a nominal number of shares of stock of Wil-Tex, owed Wil-Tex $ 33,950. On February 10, 1948, petitioner entered into a contract with Panhandle to sell all of the shares of Wil-Tex for $ 4,000,000, less net liabilities of Wil-Tex, net liabilities being defined as liabilities less current assets as shown by balance sheet of February 28, 1948. The closing date was to be March 10, 1948. Later,…
Read the full summary
During the year 1947 and through February 10, 1948, petitioner, the owner of all but a nominal number of shares of stock of Wil-Tex, owed Wil-Tex $ 33,950. On February 10, 1948, petitioner entered into a contract with Panhandle to sell all of the shares of Wil-Tex for $ 4,000,000, less net liabilities of Wil-Tex, net liabilities being defined as liabilities less current assets as shown by balance sheet of February 28, 1948. The closing date was to be March 10, 1948. Later, the closing date was by mutual agreement advanced to April 10, 1948, with the net liabilities to be determined at the…
1Opinion of the Court
Sam E. Wilson, Jr., Petitioner, v. Commissioner of Internal Revenue, Respondent. Ada Rogers Wilson, Petitioner, v. Commissioner of Internal Revenue, Respondent
Wilson v. Commissioner
Docket Nos. 35639, 35640
United States Tax Court
27 T.C. 976; 1957 U.S. Tax Ct. LEXIS 239;
March 20, 1957, Filed
Decisions will be entered for the respondent.
During the year 1947 and through February 10, 1948, petitioner, the owner of all but a nominal number of shares of stock of Wil-Tex, owed Wil-Tex $ 33,950. On February 10, 1948, petitioner entered into a contract with Panhandle to sell all of the shares of Wil-Tex…
2Cases cited10 opinions
- Merchants' Loan & Trust Co. v. SmietankaSupreme Court of the United States · 1921
- Moore v. CommissionerCourt of Appeals for the Seventh Circuit · 1941
- De Guire v. HigginsCourt of Appeals for the Second Circuit · 1947
- Gilmore v. CommissionerUnited States Tax Court · 1956
- Wilson v. CommissionerUnited States Tax Court · 1957
5 more not listed; retrieve them via the Exa API.