T.J. Henry Associates, Inc. v. Commissioner
United States Tax Court
Held, bona fide transfer by the controlling shareholder in a subch. S corporation of one share of stock owned by him to himself as custodian under Uniform Gifts to Minors Act is recognized for tax purposes, and failure of new shareholder to consent to subch. S status terminates election.
1Opinion of the Court
OPINION
Whitaker, Judge:
For the years 1976 and 1977, deficiencies were determined by respondent as follows:
Against the Estate of Thomas J. Henry, Deceased,1
1976 . $15,701
1977 . 7,938
Against Thomas J. Henry Associates, Inc.
FYE Sept. 30, 1976 . $6,541
FYE Sept. 30, 1977 . 1,026
Due to concessions by the parties, the sole issue for decision is whether T. J. Henry Associates, Inc. (the corporation), is to be taxed as an electing small business corporation under section 1372(a)2 during the years 1976 and 1977. A computation under Rule 155, Tax Court Rules of Practice and Procedure, will be necessary…
2Cases cited11 opinions
- Hook v. CommissionerUnited States Tax Court · 1972
- William B. Wilson v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1977
- Goodman v. CommissionerUnited States Tax Court · 1980
- Joseph L. Friedman v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1970
- Beirne v. CommissionerUnited States Tax Court · 1969
6 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Crock v. CommissionerUnited States Tax Court · 1983
- T.J. Henry Associates, Inc. v. CommissionerUnited States Tax Court · 1983