Serianni v. Commissioner
United States Tax Court
Petitioners Charles and Josephine Serianni were divorced in 1973. As part of its divorce decree, the trial court found under Florida law that Josephine had a special equity interest in a large block of Servan stock previously held in Charles' name alone.
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Petitioners Charles and Josephine Serianni were divorced in 1973. As part of its divorce decree, the trial court found under Florida law that Josephine had a special equity interest in a large block of Servan stock previously held in Charles' name alone. Subsequent to this award, Servan completed a sale of its major assets and the corporation was liquidated pursuant to sec. 337, I.R.C. 1954. A large liquidating distribution with respect to Josephine's stock interest was made by Servan; however, Josephine's receipt of this money was delayed for 2 years pending Charles' appeals of the trial…
1Opinion of the Court
Sterrett, Judge:
In these consolidated cases, respondent determined deficiencies in petitioners’ Federal income taxes as follows:
Docket No. Petitioner TYE Dec. 31— Deficiency
847-771 Charles Serianni 1973 $361,702
1974 21,067
1975 343,052 1001-81 Josephine M. Serianni
1975 - 376,715 1079-81 Charles Serianni
The primary issue in this case involves the question of which of the two petitioners should properly be taxable on a capital gain from a stock liquidation that was the subject of their 1973 divorce suit. Consequently, the interests of Charles Serianni and Josephine M. Serianni are clearly…
2Cases cited9 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Canakaris v. CanakarisSupreme Court of Florida · 1980
- United States v. DavisSupreme Court of the United States · 1962
- Duncan v. DuncanSupreme Court of Florida · 1980
- Heath v. HeathSupreme Court of Florida · 1932
4 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Monahan v. CommissionerUnited States Tax Court · 1997
- Godlewski v. CommissionerUnited States Tax Court · 1988
- Charles Serianni v. Commissioner of Internal Revenue, Josephine M. Serianni v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1985
- McIntosh v. CommissionerUnited States Tax Court · 1985
- Krueger v. Wisconsin Department of RevenueWisconsin Supreme Court · 1985
12 more not listed; retrieve them via the Exa API.