Baicker v. Commissioner
United States Tax Court
B is a stockholder in G, a subchapter S corporation. G had been organized to receive the assets of one of the divisions of PGT corporation in a tax-free divisive sec. 368(a)(1)(D) reorganization. B was a minority stockholder in PGT and exchanged a portion of his PGT stock for his stock in G. The transferred assets were depreciable personal property, and PGT had taken investment tax credits in prior years in respect of those assets.
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B is a stockholder in G, a subchapter S corporation. G had been organized to receive the assets of one of the divisions of PGT corporation in a tax-free divisive sec. 368(a)(1)(D) reorganization. B was a minority stockholder in PGT and exchanged a portion of his PGT stock for his stock in G. The transferred assets were depreciable personal property, and PGT had taken investment tax credits in prior years in respect of those assets. Because of the early termination of its use of the assets, PGT "recaptured" (sec. 47(a)) that portion of the investment tax credits allocable to the lives of the…
1Opinion of the Court
Joseph A. and Maxine H. Baicker, Petitioners v. Commissioner of Internal Revenue, Respondent
Baicker v. Commissioner
Docket No. 9323-87
United States Tax Court
93 T.C. 316; 1989 U.S. Tax Ct. LEXIS 124; 93 T.C. No. 28;
September 6, 1989September 6, 1989, Filed
Decision will be entered under Rule 155.
B is a stockholder in G, a subchapter S corporation. G had been organized to receive the assets of one of the divisions of PGT corporation in a tax-free divisive sec. 368(a)(1)(D) reorganization. B was a minority stockholder in PGT and exchanged a portion of his PGT stock for his stock in G. The…
2Cases cited5 opinions
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- Huntsberry v. CommissionerUnited States Tax Court · 1984
- Occidental Petroleum Corp. v. United StatesUnited States Court of Claims · 1982
- Estate of Rosenberg v. CommissionerUnited States Tax Court · 1986
- Baicker v. CommissionerUnited States Tax Court · 1989