Short v. Commissioner
United States Tax Court
Petitioners' contention that at least 30 percent of the gain recognized on the redemption of their stock in collapsible corporations was attributable other than to the property manufactured, constructed, produced, or purchased is rejected. Held, gain on redemption of petitioners' stock was properly considered as gain from the sale or exchange of property which is not a capital asset.
1Opinion of the Court
Frank B. Short and Katherine F. Short, Petitioners, v. Commissioner of Internal Revenue, Respondent. Richard L. Coleman and Betty B. Coleman, Petitioners, v. Commissioner of Internal Revenue, Respondent
Short v. Commissioner
Docket Nos. 75849, 75850
United States Tax Court
35 T.C. 922; 1961 U.S. Tax Ct. LEXIS 206;
March 14, 1961, Filed
Decisions will be entered under Rule 50.
Petitioners' contention that at least 30 percent of the gain recognized on the redemption of their stock in collapsible corporations was attributable other than to the property manufactured, constructed, produced, or purchased…
2Cases cited16 opinions
- J. D. Abbott and Kathryn Abbott v. Commissioner of Internal Revenue, Carl M. Wolfe and Mary E. Wolfe v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Abbott v. CommissionerUnited States Tax Court · 1957
- R. A. Bryan and Ruby M. Bryan, C. B. McNairy and Rowena A. McNairy W. H. Weaver and Edith H. Weaver v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- C. D. Spangler and Veva C. Spangler v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- Sidney v. CommissionerUnited States Tax Court · 1958
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