Fowler Hosiery Co. v. Commissioner
United States Tax Court
1. Petitioner owned six United States subsidiaries and one wholly owned Canadian subsidiary. Petitioner and its subsidiaries sold all of their assets to Julius Kayser & Co. with the exception of their fixed assets which were leased to Kayser for 5 years. On the expiration of the leases, Kayser was required to purchase the assets at book value. The Canadian subsidiary distributed $ 1,500,000 on December 27, 1955, to petitioner.
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1. Petitioner owned six United States subsidiaries and one wholly owned Canadian subsidiary. Petitioner and its subsidiaries sold all of their assets to Julius Kayser & Co. with the exception of their fixed assets which were leased to Kayser for 5 years. On the expiration of the leases, Kayser was required to purchase the assets at book value. The Canadian subsidiary distributed $ 1,500,000 on December 27, 1955, to petitioner. Held, the distribution by the Canadian subsidiary to the petitioner was a distribution in partial liquidation and not an ordinary dividend. Held, further, the…
1Opinion of the Court
Fowler Hosiery Company, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Fowler Hosiery Co. v. Commissioner
Docket No. 78850
United States Tax Court
36 T.C. 201; 1961 U.S. Tax Ct. LEXIS 160;
April 28, 1961, Filed
Decision will be entered under Rule 50.
1. Petitioner owned six United States subsidiaries and one wholly owned Canadian subsidiary. Petitioner and its subsidiaries sold all of their assets to Julius Kayser & Co. with the exception of their fixed assets which were leased to Kayser for 5 years. On the expiration of the leases, Kayser was required to purchase the assets at…
2Cases cited17 opinions
- Raytheon Production Corp. v. Commissioner of Int. Rev.Court of Appeals for the First Circuit · 1944
- Flanagan v. HelveringCourt of Appeals for the D.C. Circuit · 1940
- Aurore B. Benoit, Transferee v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1956
- Benoit v. CommissionerUnited States Tax Court · 1955
- Guild v. CommissionerUnited States Board of Tax Appeals · 1930
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