Dunavant v. Commissioner
United States Tax Court
Petitioners were the sole officers, directors, and shareholders of their controlled corporation. The corporation adopted a plan of liquidation on Nov. 28, 1969, and all of its properties were distributed in liquidation on Dec. 21, 1969. Form 966 was filed by the corporation on Dec. 8, 1969, along with copies of the minutes of the shareholders meeting that authorized the liquidation, and the Statement of Intent to Dissolve filed under State law.
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Petitioners were the sole officers, directors, and shareholders of their controlled corporation. The corporation adopted a plan of liquidation on Nov. 28, 1969, and all of its properties were distributed in liquidation on Dec. 21, 1969. Form 966 was filed by the corporation on Dec. 8, 1969, along with copies of the minutes of the shareholders meeting that authorized the liquidation, and the Statement of Intent to Dissolve filed under State law. Only the directors' minutes referred to sec. 333, I.R.C. 1954. Petitioners have not filed Form 964. Held, petitioners are not qualified electing…
1Opinion of the Court
OPINION
Dawson, Judge:
Respondent determined deficiencies in the petitioners’ Federal income taxes for the year 1969, as follows:
Petitioners Deficiency
Lee R. Dunavant and Doris Dunavant- $93,021.70
Herman H. Gorlick and Diane Gorlick_ 43,247.00
Morris Gorelick and Evelyn Gorelick- 43,247.90
The only issue for decision is whether petitioners are qualified electing shareholders entitled to the benefits of section 3332 with respect to the gain realized on the liquidation of their controlled corporation. These cases were submitted on a meager but fully stipulated set of facts. The stipulation of facts…
2Cases cited9 opinions
- Sperapani v. CommissionerUnited States Tax Court · 1964
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- Dougherty v. CommissionerUnited States Tax Court · 1973
- Columbia Iron & Metal Co. v. CommissionerUnited States Tax Court · 1973
- Ernest L. Posey and Kathleen v. Posey, Husband and Wife v. United StatesCourt of Appeals for the Fifth Circuit · 1971
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- John H. Young and Carolyn J. Young v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1986
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