Rogers v. Commissioner
United States Tax Court
In carrying out a sale of property owned by the executors of decedent's estate, corporation X was organized at the instance of corporation A, which was interested in acquiring the property. The property was sold to corporation X, the executors receiving as consideration shares of and serial notes issued by X. The shares of X stock were then transferred to corporation A for cash.
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In carrying out a sale of property owned by the executors of decedent's estate, corporation X was organized at the instance of corporation A, which was interested in acquiring the property. The property was sold to corporation X, the executors receiving as consideration shares of and serial notes issued by X. The shares of X stock were then transferred to corporation A for cash. A portion of the serial notes was thereafter distributed by the executors to themselves as residuary trustees. Held: (1) The serial notes were evidences of indebtedness of the purchaser, corporation X, and the sale…
1Opinion of the Court
opinion.
Akundell, Judge:
The Commissioner’s determination that a sale was not reportable on the installment basis gave rise to the presently contested deficiency of $790,125.75 in income tax for 1937. If it is held that this determination was erroneous, the Commissioner by amended answer presents the alternative view that certain of the installment obligations were disposed of by petitioners during the tax year, the gain therefrom resulting in a deficiency though in a lesser amount than originally determined. Petitioners take the position that if gain did result from disposition of the…
2Cases cited5 opinions
- Higgins v. SmithSupreme Court of the United States · 1940
- Maguire v. CommissionerSupreme Court of the United States · 1941
- In re the Bank of RichmondvilleAppellate Division of the Supreme Court of the State of New York · 1940
- Matter of Bank of Richmondville v. GravesNew York Court of Appeals · 1940
- In re the Accounting & Settlement of the Accounts of McDowellAppellate Division of the Supreme Court of the State of New York · 1917
3Cited by22 opinions
- Shannon v. CommissionerUnited States Tax Court · 1958
- Dunlop v. CommissionerCourt of Appeals for the Eighth Circuit · 1948
- Estate of Huesman v. CommissionerUnited States Tax Court · 1951
- Harwood v. CommissionerUnited States Tax Court · 1944
- Tyler Trust CommissionerUnited States Tax Court · 1945
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