Osenbach v. Commissioner
United States Tax Court
Petitioner, as stockholder in a corporation liquidating under the provisions of section 112 (b) (7), Internal Revenue Code, received, in kind, certain loans, discounts, mortgages, and other claims. Collections were later made thereon. Held, that in the absence of sale or exchange of the distributed properties, the amounts received on collections were ordinary income and not capital gain.
1Opinion of the Court
OPINION.
Disney, Judge:
The amounts of incoine here involved were collections upon various items, loans, discounts, real estate mortgages, securities, life insurance policies, claims, and other items, distributed to the petitioner as a stockholder of Federal Service Bureau, Incorporated, in complete liquidation of that corporation. The liquidation was one of those covered by section 112 (b) (7) of the Internal Revenue Code, in which the petitioner and the other stockholder had filed and required election. The question posed is whether collections upon as-, sets distributed in such a complete…
2Cases cited10 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- Fairbanks v. United StatesSupreme Court of the United States · 1939
- Reis v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1944
- Commissioner of Internal Revenue v. CarterCourt of Appeals for the Second Circuit · 1948
- Westover v. SmithCourt of Appeals for the Ninth Circuit · 1949
5 more not listed; retrieve them via the Exa API.
3Cited by41 opinions
- Wood v. CommissionerUnited States Tax Court · 1955
- Bradford v. CommissionerUnited States Tax Court · 1954
- Chamberlin v. CommissionerUnited States Tax Court · 1959
- Lowe v. CommissionerUnited States Tax Court · 1965
- Anthony Campagna and Marie P. Campagna v. United StatesCourt of Appeals for the Second Circuit · 1961
36 more not listed; retrieve them via the Exa API.