Gunn v. Commissioner
United States Tax Court
In June 1946, the general partner of a going business consulted a tax attorney in regard to the possible sale of the business then being conducted by the general partner and four special partners. Such consultations resulted in the attorney organizing a new corporation on September 21, 1946, with himself and his associate subscribing for all of the capital stock in the amount of $ 50,000, $ 1,000 of which was paid for in cash.
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In June 1946, the general partner of a going business consulted a tax attorney in regard to the possible sale of the business then being conducted by the general partner and four special partners. Such consultations resulted in the attorney organizing a new corporation on September 21, 1946, with himself and his associate subscribing for all of the capital stock in the amount of $ 50,000, $ 1,000 of which was paid for in cash. On October 1, 1946, the partners, as vendors, and the corporation, as vendee, executed a "Bill of Sale" wherein the partnership assets having a book value of $…
1Opinion of the Court
OPINION.
Arundell, Judge:
The issues for our decision arise from a series of happenings in 1946 among five partners of a limited partnership operating under the name of the Allied Paint Company, their legal advisors, Hosteller and McElroy, and a newly formed corporation called Allied Paint Manufacturing Company.
As set forth in our findings, we have determined that these happenings must be treated as parts or steps in a single transaction. So regarded, the several individual partners must be held to have transferred their interest in the Partnership assets to the Corporation and thereafter to…
2Cases cited8 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Higgins v. SmithSupreme Court of the United States · 1940
- Gooding Amusement Co. v. CommissionerUnited States Tax Court · 1954
- Dobkin v. CommissionerUnited States Tax Court · 1950
- Tauber v. CommissionerUnited States Tax Court · 1955
3 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- Colony, Inc. v. CommissionerUnited States Tax Court · 1956
- Wilbur Sec. Co. v. CommissionerUnited States Tax Court · 1959
- Aqualane Shores, Inc. v. CommissionerUnited States Tax Court · 1958
- Nye v. CommissionerUnited States Tax Court · 1968
- Truck Terminals, Inc., on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Ninth Circuit · 1963
29 more not listed; retrieve them via the Exa API.