Burnside Veneer Co. v. Commissioner
United States Tax Court
Petitioner, the owner of 655 of the total of 810 outstanding shares of stock of G corporation, claimed the right to deduct as a long term capital loss sustained during its fiscal year ended November 30, 1941, the sum of $ 24,140.35, the difference between the cost of the 655 shares and the aggregate of amounts of cash received in liquidation of G corporation.
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Petitioner, the owner of 655 of the total of 810 outstanding shares of stock of G corporation, claimed the right to deduct as a long term capital loss sustained during its fiscal year ended November 30, 1941, the sum of $ 24,140.35, the difference between the cost of the 655 shares and the aggregate of amounts of cash received in liquidation of G corporation. Held, amounts received by petitioner represented a series of distributions in complete cancellation of all of stock of G corporation in accordance with a plan of liquidation under which the transfer of all of its property was to be…
1Opinion of the Court
OPINION.
Harlan, Jvdge:
Respondent denies the allowance of a long term capital loss in this case because:(1) Petitioner, at all times from the beginning to the end of the liquidation proceedings, owned more than 80 per cent of all the shares of capital stock in the Glanton Veneer Co.; the amount of said holdings did not change during the liquidation; no distribution in liquidation was made before the first taxable year of the Glanton corporation beginning after December 31, 1935; and the liquidation of said cor, poration was in accordance with a plan of liquidation under which the transfer of…
2Cases cited1 opinion
- Roach v. CommissionerUnited States Tax Court · 1945
3Cited by12 opinions
- Mountain Water Co. v. CommissionerUnited States Tax Court · 1960
- International Inv. Corp. v. CommissionerUnited States Tax Court · 1948
- McDaniel v. CommissionerUnited States Tax Court · 1955
- Mills v. CommissionerUnited States Tax Court · 1962
- American Mfg. Co. v. CommissionerUnited States Tax Court · 1970
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