Estate of Munter v. Commissioner
United States Tax Court
Held: Recovery of previously expensed items in a liquidating sale is not protected from recognition by sec. 337. Therefore, the recovery is taxable under the tax benefit rule to the extent of the tax benefit, and petitioners are liable for the tax as transferees of the assets of the corporation.
1Opinion of the Court
Estate of David B. Munter, Deceased, Andrew M. Greenstein, Manuel D. Goldman and Suzanne M. Cohen, Executors, Petitioners v. Commissioner of Internal Revenue, Respondent; Gertrude M. Demerer, Petitioner v. Commissioner of Internal Revenue, Respondent
Estate of Munter v. Commissioner
Docket Nos. 8178-71, 1534-72
United States Tax Court
63 T.C. 663; 1975 U.S. Tax Ct. LEXIS 177;
March 19, 1975, Filed
Decisions will be entered for the respondent.
Held: Recovery of previously expensed items in a liquidating sale is not protected from recognition by sec. 337. Therefore, the recovery is taxable under the…
Also in this document: Concurrence.
2Cases cited50 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
45 more not listed; retrieve them via the Exa API.