Wilson v. Commissioner
United States Tax Court
In connection with a sale of assets to Wil-Tex Oil Corporation on January 1, 1947, Wilson agreed to reimburse the corporation for $ 42,104.87, the difference between the value of a note which the corporation assumed from Wilson and the basis of the property. The account payable was recognized as valid on the books of Wilson and the corporation, and was a valid indebtedness.
Read the full summary
In connection with a sale of assets to Wil-Tex Oil Corporation on January 1, 1947, Wilson agreed to reimburse the corporation for $ 42,104.87, the difference between the value of a note which the corporation assumed from Wilson and the basis of the property. The account payable was recognized as valid on the books of Wilson and the corporation, and was a valid indebtedness. The indebtedness was reduced and the balance of $ 33,950 was canceled by Wil-Tex Oil Corporation as of January 31, 1948. Held, that upon the cancellation of the indebtedness in 1948, petitioners thereby realized income of…
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
20 T.C. 505; 1953 U.S. Tax Ct. LEXIS 142;
May 28, 1953, Promulgated
Decisions will be entered for the respondent.
In connection with a sale of assets to Wil-Tex Oil Corporation on January 1, 1947, Wilson agreed to reimburse the corporation for $ 42,104.87, the difference between the value of a note which the corporation assumed from Wilson and the basis of the property.…
2Cases cited1 opinion
- Wilson v. CommissionerUnited States Tax Court · 1953