Waltham Netoco Theatres, Inc. v. Commissioner
United States Tax Court
Petitioner was the sole shareholder of Massachusetts Enterprises. The sole asset of the latter corporation was a parcel of unimproved land. Negotiations were carried on for the sale of the land and an oral agreement reached with the purchaser. The subsequently prepared written agreement provided for the sale of the Massachusetts Enterprises stock by petitioner's shareholders.
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Petitioner was the sole shareholder of Massachusetts Enterprises. The sole asset of the latter corporation was a parcel of unimproved land. Negotiations were carried on for the sale of the land and an oral agreement reached with the purchaser. The subsequently prepared written agreement provided for the sale of the Massachusetts Enterprises stock by petitioner's shareholders. On the closing date, such stock was distributed by petitioner as a dividend in kind and immediately transferred to the purchaser by petitioner's shareholders. Held, sec. 311(a), I.R.C. 1954, does not preclude the…
1Opinion of the Court
OPINION
The precise issue arises in the context of section 311(a) of the Internal Revenue Code of 1954.1 In pertinent part and except for certain circumstances not relevant herein, that section provides that “no gain or loss shall be recognized to a corporation on the distribution, with respect to its stock, of * * * property.” Petitioner contends that, since the instant situation does not fall within any of the exceptions to section 311(a), that section operates as an iron curtain against taxa-bility, and any inquiry as to the applicability of Commissioner v. Court Holding Co., 324 U.S. 331…
2Cases cited10 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Wood Harmon Corporation v. United StatesCourt of Appeals for the Second Circuit · 1963
- United States v. Lynch. Lynch v. United StatesCourt of Appeals for the Ninth Circuit · 1951
- Commissioner of Int. Rev. v. Transport Trad. & Term. Corp.Court of Appeals for the Second Circuit · 1949
5 more not listed; retrieve them via the Exa API.
3Cited by41 opinions
- Martin Ice Cream Co. v. Comm'rUnited States Tax Court · 1998
- Waltham Netoco Theatres, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1968
- Adams v. CommissionerUnited States Tax Court · 1978
- Hallowell v. CommissionerUnited States Tax Court · 1971
- Vest v. CommissionerUnited States Tax Court · 1971
36 more not listed; retrieve them via the Exa API.