Akers v. Commissioner
United States Tax Court
1. Petitioner, engaged in the automobile agency business, conveyed to his wife a one-half interest in sundry corporate assets distributed to him upon dissolution, upon the understanding that the assets would be left in a partnership. The partnership was formed, by written agreement, on the same day. Saving of taxes was one of the factors being considered.
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1. Petitioner, engaged in the automobile agency business, conveyed to his wife a one-half interest in sundry corporate assets distributed to him upon dissolution, upon the understanding that the assets would be left in a partnership. The partnership was formed, by written agreement, on the same day. Saving of taxes was one of the factors being considered. The wife had had no official connection with the corporation, though she took an interest in its affairs, entertained her husband's business associates and attended some meetings involving the business. She did essentially the same after…
1Opinion of the Court
OPINION.
Disney, Judge-.
The contention of the petitioner under the first issue is that the corporation had no going-concern value or good will and, consequently, no amount was received by him for such an asset as a liquidating dividend upon the dissolution of the corporation. Upon brief the respondent contends that the “going business” received by petitioner had a value of not less than $55,719.75 in excess of the net tangible assets distributed to him. As proof .of the receipt of an asset as determined by him, respondent refers to the large annual earnings of the corporation, the net income…
2Cases cited5 opinions
- Commissioner v. TowerSupreme Court of the United States · 1946
- Lusthaus v. CommissionerSupreme Court of the United States · 1946
- Lorenz v. CommissionerUnited States Tax Court · 1944
- Mauldin v. CommissionerUnited States Tax Court · 1945
- Munter v. CommissionerUnited States Tax Court · 1945
3Cited by10 opinions
- Copland v. Department of TaxationWisconsin Supreme Court · 1962
- Thompson v. Commissioner of Internal Revenue. Couse v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1953
- Apt v. BirminghamDistrict Court, N.D. Iowa · 1950
- Canterbury v. CommissionerUnited States Tax Court · 1992
- International Multifoods Corp. v. CommissionerUnited States Tax Court · 1997
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