Cornwall v. Commissioner
United States Tax Court
1. The interest of a member of an association taxable as a corporation is to be treated as stock in determining whether a distribution from the association to the member is to be taxed as a dividend and a payment in retirement of a portion of a member's interest is to be treated as a redemption under sec. 317(b), I.R.C. 1954, by the association of a portion of the member's stock. 2. A distribution to a member of an association taxable as a corporation which is made to a…
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1. The interest of a member of an association taxable as a corporation is to be treated as stock in determining whether a distribution from the association to the member is to be taxed as a dividend and a payment in retirement of a portion of a member's interest is to be treated as a redemption under sec. 317(b), I.R.C. 1954, by the association of a portion of the member's stock. 2. A distribution to a member of an association taxable as a corporation which is made to a member who does not hold a majority interest as a result of his request to withdraw from the association, is approved by the…
1Opinion of the Court
Harry F. Cornwall and Bess Cover Cornwall, Petitioners v. Commissioner of Internal Revenue, Respondent
Cornwall v. Commissioner
Docket No. 5147-65
United States Tax Court
48 T.C. 736; 1967 U.S. Tax Ct. LEXIS 51;
August 22, 1967, Filed
Decision will be entered under Rule 50.
1. The interest of a member of an association taxable as a corporation is to be treated as stock in determining whether a distribution from the association to the member is to be taxed as a dividend and a payment in retirement of a portion of a member's interest is to be treated as a redemption under sec. 317(b), I.R.C. 1954, by…
2Cases cited16 opinions
- Burk-Waggoner Oil Assn. v. HopkinsSupreme Court of the United States · 1925
- Heman v. CommissionerUnited States Tax Court · 1959
- Eva D. Bradbury v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1962
- Lewis v. CommissionerUnited States Tax Court · 1960
- Lewis v. CommissionerUnited States Tax Court · 1966
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