Renard v. Commissioner
United States Tax Court
Petitioner and Sidney B. Bette were the two equal shareholders of a Subchapter S corporation. Pursuant to an agreement executed on August 30, 1965, which was intended to carry out the provisions of a previously executed buy-sell agreement between them and the corporation and which called for the purchase price of the stock to be book value, Bette's stock was purchased by the corporation as of April 30, 1965. The total amount received by Bette was $122,025.46 plus 10 percent…
Read the full summary
Petitioner and Sidney B. Bette were the two equal shareholders of a Subchapter S corporation. Pursuant to an agreement executed on August 30, 1965, which was intended to carry out the provisions of a previously executed buy-sell agreement between them and the corporation and which called for the purchase price of the stock to be book value, Bette's stock was purchased by the corporation as of April 30, 1965. The total amount received by Bette was $122,025.46 plus 10 percent of the corporation's net profits for the 3 succeeding years. While the August 30, 1965 agreement referred to the…
1Opinion of the Court
HENRY H. RENARD AND RUTH RENARD, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Renard v. Commissioner
Docket No. 2650-69
United States Tax Court
T.C. Memo 1972-244; 1972 Tax Ct. Memo LEXIS 13; 31 T.C.M. (CCH) 1210; T.C.M. (RIA) 72244;
December 11, 1972, Filed
Petitioner and Sidney B. Bette were the two equal shareholders of a Subchapter S corporation. Pursuant to an agreement executed on August 30, 1965, which was intended to carry out the provisions of a previously executed buy-sell agreement between them and the corporation and which called for the purchase price of the stock to be…
2Cases cited21 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Commissioner v. DanielsonCourt of Appeals for the Third Circuit · 1967
- Ullman v. CommissionerCourt of Appeals for the Second Circuit · 1959
- Schmitz v. CommissionerUnited States Tax Court · 1968
16 more not listed; retrieve them via the Exa API.