Battaglia v. Commissioner
United States Tax Court
Petitioner Frank P. Battaglia and another individual operated a business as a partnership. In 1971, they incorporated the partnership business by transferring the partnership assets to a newly formed corporation in exchange for all of its stock. Petitioner also received a short-term promissory note from the corporation. In 1972, petitioner sold all of his stock in the corporation.
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Petitioner Frank P. Battaglia and another individual operated a business as a partnership. In 1971, they incorporated the partnership business by transferring the partnership assets to a newly formed corporation in exchange for all of its stock. Petitioner also received a short-term promissory note from the corporation. In 1972, petitioner sold all of his stock in the corporation. Held, the promissory note issued by the corporation to petitioner constituted "other property" received by petitioner pursuant to the exchange, within the meaning of section 351(b), I.R.C. 1954. Held further,…
1Opinion of the Court
FRANK P. BATTAGLIA and JEANNETTE M. BATTAGLIA, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Battaglia v. Commissioner
Docket No. 8767-77.
United States Tax Court
T.C. Memo 1981-451; 1981 Tax Ct. Memo LEXIS 296; 42 T.C.M. (CCH) 817; T.C.M. (RIA) 81451;
August 24, 1981.
Petitioner Frank P. Battaglia and another individual operated a business as a partnership. In 1971, they incorporated the partnership business by transferring the partnership assets to a newly formed corporation in exchange for all of its stock. Petitioner also received a short-term promissory note from the corporation.…
2Cases cited8 opinions
- Schulz v. CommissionerCourt of Appeals for the Ninth Circuit · 1961
- American Bantam Car Co. v. CommissionerUnited States Tax Court · 1948
- Major v. CommissionerUnited States Tax Court · 1981
- Miami Purchasing Service Corp. v. CommissionerUnited States Tax Court · 1981
- Nye v. CommissionerUnited States Tax Court · 1968
3 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Guyer v. CommissionerUnited States Tax Court · 1985