Kamis Engineering Co. v. Commissioner
United States Tax Court
P corporation and its wholly owned subsidiary, S, simultaneously adopted plans of liquidation and sold their assets to an unrelated third party.
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P corporation and its wholly owned subsidiary, S, simultaneously adopted plans of liquidation and sold their assets to an unrelated third party. The proceeds of both sales were forthwith distributed to the shareholders of P. Held, that all requirements of sec. 337(a) and (b), I.R.C. 1954, having been complied with, the provisions of sec. 337(c)(2), excluding a sec. 332 liquidation from the benefit of sec. 337, are inapplicable and S is entitled to such benefit in respect of the sale of its assets.
1Opinion of the Court
OPINION
Tannenwald, Judge:
Respondent determined a deficiency in income tax of $183,216.83 and an addition to tax under section 6651(a)2 of $27,482.53 against petitioner Kamis Engineering Co. for the taxable period May 1, 1964, to January 28, 1965. The other petitioners are concededly transferees of Kamis Engineering Co., against whom deficiencies have been determined. All of the cases have been consolidated. In view of the concessions of the parties, the sole issue remaining for decision is whether Kamis Engineering Co. (hereinafter petitioner) is entitled to the benefit of section 337 with…
2Cases cited14 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Schulde v. CommissionerSupreme Court of the United States · 1963
- J. C. Penney Company, Transferee v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- J. C. Penney Co. v. CommissionerUnited States Tax Court · 1962
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3Cited by4 opinions
- Klein v. CommissionerUnited States Tax Court · 1980
- Barkley Co. of Arizona v. CommissionerUnited States Tax Court · 1988
- Kamis Engineering Co. v. CommissionerUnited States Tax Court · 1973
- Klein v. CommissionerUnited States Tax Court · 1980