Benoit v. Commissioner
United States Tax Court
1. Petitioner was a minority stockholder in X corporation. Her husband owned 98.9 per cent of the common and 69.1 per cent of the preferred, substantially all of the remaining stock. In 1945, after he decided to retire and wind up its affairs, the corporation sold its fixed assets and ceased to engage in its usual business.
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1. Petitioner was a minority stockholder in X corporation. Her husband owned 98.9 per cent of the common and 69.1 per cent of the preferred, substantially all of the remaining stock. In 1945, after he decided to retire and wind up its affairs, the corporation sold its fixed assets and ceased to engage in its usual business. In February 1946 he withdrew $ 75,000 from the corporation which he deposited in his personal account and on the same day gave her a check drawn on that account in the amount of $ 53,611.68, which was equal to the par value of her preferred stock, arrears in dividends…
1Opinion of the Court
OPINION.
Raum, Judge:
Petitioner urges that the respondent has failed to establish that she has any liability in law or in equity as the transferee of property of River Mills, Inc., for deficiencies in tax of that corporation for 1944 and 1945. She contends that on February 1, 1946, she sold her stock in River Mills, Inc., to her husband for $53,611.68; that he paid for it by check drawn on his own account; that the stock certificates evidencing her shares were transferred to him; that at the time of the sale there was no definite plan that the corporation be liquidated or dissolved; and that…
2Cases cited13 opinions
- Phillips v. CommissionerSupreme Court of the United States · 1931
- R. H. Stearns Co. v. United StatesSupreme Court of the United States · 1934
- Leach v. CommissionerUnited States Tax Court · 1953
- Updike v. United StatesCourt of Appeals for the Eighth Circuit · 1925
- Botz v. HelveringCourt of Appeals for the Eighth Circuit · 1943
8 more not listed; retrieve them via the Exa API.
3Cited by37 opinions
- Piarulle v. Comm'rUnited States Tax Court · 1983
- Owens v. CommissionerUnited States Tax Court · 1975
- Aurore B. Benoit, Transferee v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1956
- Barbados 7 Ltd. v. CommmmissionerUnited States Tax Court · 1989
- Field v. CommissionerUnited States Tax Court · 1959
32 more not listed; retrieve them via the Exa API.