Lansing Broadcasting Co. v. Commissioner
United States Tax Court
In 1962, petitioner received one of a series of distributions in complete liquidation of another corporation. Held, the gain realized by petitioner on the liquidating distribution is gain derived from an "exchange of stock"; therefore, more than 20 percent of petitioner's gross receipts constituted "personal holding company income," with the result that petitioner's status as a subch. S corporation terminated in 1962.
1Opinion of the Court
OPINION
Featherston, Judge:
Respondent determined deficiencies in petitioner’s income taxes as follows:
Tear Amount
1962 -$129,104.09
1963 - 95,196.52
1964 - 55,449.66
The sole question is whether more than 20 percent of petitioner’s gross receipts in 1962 constituted “personal holding company income” within the meaning of section 1372(6) (5),1 with the result that petitioner’s status as a “subchapter S corporation” terminated in that year. The answer depends primarily upon whether, under that section, the receipt by petitioner in 1962 of one of a series of distributions in complete liquidation of…
2Cases cited10 opinions
- Hellmich v. HellmanSupreme Court of the United States · 1928
- Helvering v. Rebsamen Motors, Inc.Court of Appeals for the Eighth Circuit · 1942
- Buhler Mortg. Co. v. CommissionerUnited States Tax Court · 1969
- Bramlette Bldg. Corp. v. CommissionerUnited States Tax Court · 1969
- Langstaff v. LucasDistrict Court, W.D. Kentucky · 1925
5 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Paula Constr. Co. v. CommissionerUnited States Tax Court · 1972
- Lansing Broadcasting Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1970
- Bradshaw v. United StatesUnited States Court of Claims · 1982
- CONSTRUCTION AGGREGATES CORPORATION v. United StatesDistrict Court, N.D. Illinois · 1972
- Osborne v. CommissionerUnited States Tax Court · 1970
6 more not listed; retrieve them via the Exa API.