Schwartz v. Commissioner
United States Tax Court
Six corporations controlled by S filed separate petitions for an arrangement under ch. XI of the Bankruptcy Act, and shortly thereafter the proceedings were consolidated. The debtor corporations sold the bulk of their assets to an unrelated party. According to their books and records, some of the corporations had assets in excess of their liabilities.
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Six corporations controlled by S filed separate petitions for an arrangement under ch. XI of the Bankruptcy Act, and shortly thereafter the proceedings were consolidated. The debtor corporations sold the bulk of their assets to an unrelated party. According to their books and records, some of the corporations had assets in excess of their liabilities. Pursuant to the arrangement under ch. XI, the assets of the corporations (including the proceeds from the sale) were distributed to satisfy the creditors' claims, including those claims personally guaranteed by S. Held, the intercorporate…
1Opinion of the Court
Tannenwald, Judge:
In these consolidated cases, respondent determined the following deficiencies in Federal income tax and additions to tax:
Docket No. TYE Income tax Addition to tax (sec. 6651(a))2
7087-73 Thor Publications, Inc . 9/30/65 $16,455.93
9/30/66 38,180.47
9/30/68 484,924.85
7088-73 Alpha Study Aids, Inc. 10/31/65 1,967.94
10/31/68 49,142.75
7089-73 Arthur P. Schwartz.... 12/31/66 1,149.22
12/31/67 111.54
12/31/68 313,454.35 $15,572.72
Concessions having been made by the parties, the issues for decision are:(1) Whether Arthur P. Schwartz received constructive dividends in 1968 from Alpha…
2Cases cited26 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Putnam v. CommissionerSupreme Court of the United States · 1956
- Irving Sachs v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1960
- Rushing v. CommissionerUnited States Tax Court · 1969
21 more not listed; retrieve them via the Exa API.
3Cited by40 opinions
- Magnon v. CommissionerUnited States Tax Court · 1980
- Boser v. CommissionerUnited States Tax Court · 1981
- Kean v. CommissionerUnited States Tax Court · 1988
- Gilbert v. CommissionerUnited States Tax Court · 1980
- Love Box Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1988
35 more not listed; retrieve them via the Exa API.