W. E. Gabriel Fabrication Co. v. Commissioner
United States Tax Court
Petitioner William E. Gabriel and his brother, as of October 15, 1955, owned approximately 70 percent of the stock of Boiler Co. That company had been actively engaged in three lines of business for more than 5 years prior to that date.
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Petitioner William E. Gabriel and his brother, as of October 15, 1955, owned approximately 70 percent of the stock of Boiler Co. That company had been actively engaged in three lines of business for more than 5 years prior to that date. Because of basic differences between petitioner and his brother concerning the operation of Boiler Co., it was decided that the assets used by Boiler in two of its businesses would be transferred to Engineering, a corporation controlled by Boiler, and that all of the stock of Engineering would be distributed to petitioner in exchange for his stock in Boiler.…
1Opinion of the Court
Fax, Judge:
The respondent determined deficiencies in the income tax of petitioners William E. and Georgie Gabriel for the taxable years ended December 31, 1956 and 1957, in the respective amounts of $29,651.18 and $82.56. Respondent also determined a deficiency of $146.19 in the income tax of petitioner W. E. Gabriel Fabrication Co. for the taxable year ended December 31,1957. William E. Gabriel will hereinafter be referred to as petitioner.
These proceedings have been consolidated.1
The principal issue for decision is whether the distribution by Gabriel Roiler Co. in late December 1956 of all…
Also in this document: Concurrence.
2Cases cited9 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Elliott v. CommissionerUnited States Tax Court · 1959
- Badanes v. CommissionerUnited States Tax Court · 1962
- Farr v. CommissionerUnited States Tax Court · 1955
- Appleby v. CommissionerUnited States Tax Court · 1961
4 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Portland Mfg. Co. v. CommissionerUnited States Tax Court · 1971
- Atlee v. CommissionerUnited States Tax Court · 1976
- Olson v. CommissionerUnited States Tax Court · 1967
- Baan v. CommissionerUnited States Tax Court · 1965
- Atlee v. CommissionerUnited States Tax Court · 1976
5 more not listed; retrieve them via the Exa API.