Shull v. Commissioner
United States Tax Court
Petitioners in 1952 filed elections to liquidate a corporation under the provisions of section 112 (b) (7) of the Internal Revenue Code of 1939. In 1955 they sought to revoke their elections on the ground that (1) they were invalid as not timely filed; (2) they did not know that, under a section 112 (b) (7) liquidation, the corporation's earnings and profits were taxable to them as dividends; and (3) they did not know that these earnings and profits would include the…
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Petitioners in 1952 filed elections to liquidate a corporation under the provisions of section 112 (b) (7) of the Internal Revenue Code of 1939. In 1955 they sought to revoke their elections on the ground that (1) they were invalid as not timely filed; (2) they did not know that, under a section 112 (b) (7) liquidation, the corporation's earnings and profits were taxable to them as dividends; and (3) they did not know that these earnings and profits would include the earnings and profits of a predecessor corporation. Held, the elections were valid and timely filed and they were not filed…
1Opinion of the Court
Muuroney, Judge:
The respondent determined deficiencies in the income tax of petitioners as follows:
Year Deficiency
1952 ___$85, 521.50
1953 _ 24,696.42
Certain concessions have been made by both parties and the only question remaining for decision here is whether petitioners made valid irrevocable elections to liquidate the Shull Electric Products Corporation under the provisions of section 112 (b) (7) of the Internal Revenue Code of 1939.
FINDINGS OF FACT.
Petitioners, Frank T. Shull, hereinafter sometimes referred to as Shull, and Aim R. Shull, are husband and wife who reside in Arlington,…
2Cases cited3 opinions
- Meyer's Estate v. Commissioner of Internal Revenue. (Three Cases)Court of Appeals for the Fifth Circuit · 1952
- Burke & Herbert Bank & Trust Co. v. CommissionerUnited States Tax Court · 1948
- Meyer v. CommissionerUnited States Tax Court · 1950
3Cited by12 opinions
- Estate of Stamos v. CommissionerUnited States Tax Court · 1970
- Thorrez v. CommissionerUnited States Tax Court · 1958
- Dougherty v. CommissionerUnited States Tax Court · 1974
- Frank T. Shull and Ann R. Shull v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1959
- Cohen v. CommissionerUnited States Tax Court · 1975
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