Munter v. Commissioner
United States Tax Court
C corporation, organized to acquire the assets of corporations A and B, under a plan of reorganization, acquired such assets in December 1928 for 24,131 shares of the capital stock of C and $ 355,247.75 in cash, which was received by shareholders of A and B in exchange for such stock.
Read the full summary
C corporation, organized to acquire the assets of corporations A and B, under a plan of reorganization, acquired such assets in December 1928 for 24,131 shares of the capital stock of C and $ 355,247.75 in cash, which was received by shareholders of A and B in exchange for such stock. The remaining stock of C, constituting more than 50 percent of its entire issued stock, was, under the plan, acquired by new interests for cash in the sum of approximately $ 486,893.92. Included in the assets acquired from A and B were earnings and profits of those corporations in the sum of $ 404,011.57…
1Opinion of the Court
OPINION.
Leech, Judge:
These consolidated proceedings involve deficiencies in income tax for the calendar year 1940 in the sum of $9,596.33 in the case of petitioner Sidney S. Munter and $8,175.50 in the case of petitioner Carl Munter. The question in each proceeding is whether distributions in the taxable year by Crandall-McKenzie & Henderson, Inc., to the petitioners as stockholders were from earnings accumulated subsequent to March 1,1913, and taxable as ordinary dividends, or were returns of capital. The Federal income tax returns of the petitioners for the taxable year were filed with the…
2Cases cited7 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Helvering v. Minnesota Tea Co.Supreme Court of the United States · 1935
- John A. Nelson Co. v. HelveringSupreme Court of the United States · 1935
- Commissioner v. WheelerSupreme Court of the United States · 1945
- Commissioner of Internal Revenue v. SansomeCourt of Appeals for the Second Circuit · 1932
2 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Commissioner v. MunterSupreme Court of the United States · 1947
- Frelbro Corp. v. CommissionerUnited States Tax Court · 1961
- Slover v. CommissionerUnited States Tax Court · 1946
- Sheldon v. CommissionerUnited States Tax Court · 1946
- Frelbro Corp. v. CommissionerUnited States Tax Court · 1961
3 more not listed; retrieve them via the Exa API.