Straub v. Commissioner
United States Board of Tax Appeals
A distribution by a corporation to its shareholders in the course of a general plan to wind up the business as soon as it can best be done is held in all the circumstances to be a liquidation distribution, notwithstanding the continued, but narrowing, operation of the business.
1Opinion of the Court
*220OPINION.
Sternhagen:
The petitioners assail the respondent’s determination that the amounts received by them in 1928 were taxable as ordinary dividends as defined in section 115 (a), Revenue Act of 19281 and contend, on the contrary, that they were distributions in liquidation within the provisions of subsection (c).1 If they are held to be, as petitioners contend, distributions in liquidation, the respondent raises the subalternate issue whether they are nevertheless taxable as dividends by virtue of subsection (g).1 If this contention fails, the fair market value of the petitioners’ shares…
2Cases cited4 opinions
- Brown v. CommissionerUnited States Board of Tax Appeals · 1932
- Hill v. CommissionerUnited States Board of Tax Appeals · 1932
- Babson v. CommissionerUnited States Board of Tax Appeals · 1933
- Rorimer v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by6 opinions
- Riss v. CommissionerUnited States Tax Court · 1971
- Richard R. Riss, Sr. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1973
- Ward M. Canaday, Inc. v. CommissionerUnited States Board of Tax Appeals · 1933
- Frank Trust of 1927 v. CommissionerUnited States Board of Tax Appeals · 1941
- Riss v. CommissionerUnited States Tax Court · 1971
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