Bunton v. Commissioner
United States Tax Court
Held: The payment of $59,760 to W. P. Bunton, Sr., by the Bunton Seed Company, reimbursing him for the amount he had previously paid to Ross and Butler for all their stock in the corporation, was not essentially equivalent to a dividend but was a distribution by the corporation in full payment in exchange for the stock of Ross and Butler within the meaning of sections 302(a) and (b)(1), I.R.C. 1954.
1Opinion of the Court
W. P. Bunton, Sr., and Pearl B. Bunton v. Commissioner.
Bunton v. Commissioner
Docket No. 1358-65.
United States Tax Court
T.C. Memo 1968-3; 1968 Tax Ct. Memo LEXIS 294; 27 T.C.M. (CCH) 9; T.C.M. (RIA) 68003;
January 4, 1968, Filed
Held: The payment of $59,760 to W. P. Bunton, Sr., by the Bunton Seed Company, reimbursing him for the amount he had previously paid to Ross and Butler for all their stock in the corporation, was not essentially equivalent to a dividend but was a distribution by the corporation in full payment in exchange for the stock of Ross and Butler within the meaning of sections…
2Cases cited10 opinions
- Wall v. United StatesCourt of Appeals for the Fourth Circuit · 1947
- William J. Sullivan and Georgia K. Sullivan v. United StatesCourt of Appeals for the Eighth Circuit · 1966
- Decker v. CommissionerUnited States Tax Court · 1959
- Fox v. HarrisonCourt of Appeals for the Seventh Circuit · 1944
- Monroe Zipp and Helen Zipp v. Commissioner of Internal Revenue, Bernard Zipp and Jean B. Zipp v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
5 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Bennett v. CommissionerUnited States Tax Court · 1972
- Bennett v. CommissionerUnited States Tax Court · 1972