Else v. Commissioner
United States Tax Court
Petitioner-husband resigned his position as vice-president of a subsidiary corporation. He owned stock in the corporation's parent holding company. After lengthy negotiations, he transferred his stock to the parent and executed a general release in favor of both corporations. He received $42,000 from the parent and $32,334 from the subsidiary. Held: (1) Petitioner-husband received $74,334 for his stock in the parent, which is taxable as long-term capital gain.
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Petitioner-husband resigned his position as vice-president of a subsidiary corporation. He owned stock in the corporation's parent holding company. After lengthy negotiations, he transferred his stock to the parent and executed a general release in favor of both corporations. He received $42,000 from the parent and $32,334 from the subsidiary. Held: (1) Petitioner-husband received $74,334 for his stock in the parent, which is taxable as long-term capital gain. (2) This Court does not have jurisdiction to determine whether the payment from the subsidiary is subject to the Federal Insurance…
1Opinion of the Court
HARRY T. ELSE AND DONNA O. ELSE, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Else v. Commissioner
Docket No. 4738-79.
United States Tax Court
T.C. Memo 1984-36; 1984 Tax Ct. Memo LEXIS 639; 47 T.C.M. (CCH) 941; T.C.M. (RIA) 84036;
January 18, 1984.
Petitioner-husband resigned his position as vice-president of a subsidiary corporation. He owned stock in the corporation's parent holding company. After lengthy negotiations, he transferred his stock to the parent and executed a general release in favor of both corporations. He received $42,000 from the parent and $32,334 from the…
2Cases cited12 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Commissioner v. DanielsonCourt of Appeals for the Third Circuit · 1967
- Danielson v. CommissionerUnited States Tax Court · 1965
- Schmitz v. CommissionerUnited States Tax Court · 1968
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