Byrne v. Commissioner
United States Tax Court
Held, gain from the liquidation of a corporation should have been recognized by petitioner (a cash basis taxpayer) in 1963 -- the year in which various securities held in the name of the liquidating corporation were delivered to a broker with instructions that new certificates be issued, pro rata, to the shareholders of the liquidating corporation, even though the certificates issued to petitioner were not received by him until early 1964.
1Opinion of the Court
OPINION
Section 451(a)1 of the Code recites, in pertinent part, that “The amount of any item of gross income shall be included in the gross income for the taxable year in which received by the taxpayer.” The question presented is whether within the contemplation of section 451(a) certain shares of marketable securities, distributed as part of a corporate liquidation, were “received” by petitioner in 1963 — the year in which they were delivered to a broker with instructions that they be reissued to petitioner, or 1964 — the year in which the new certificates were placed in his possession. Since…
Also in this document: Concurrence.
2Cases cited33 opinions
- Richardson v. ShawSupreme Court of the United States · 1908
- Avery v. CommissionerSupreme Court of the United States · 1934
- Morgan v. CommissionerUnited States Tax Court · 1966
- Snyder v. CommissionerSupreme Court of the United States · 1935
- Strout v. BurgessSupreme Judicial Court of Maine · 1949
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3Cited by10 opinions
- Estate of Campbell v. CommissionerUnited States Tax Court · 1971
- John E. Byrne and Nellie A. Byrne v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1971
- Vern Realty, Inc. v. CommissionerUnited States Tax Court · 1972
- Clayton v. United StatesUnited States Court of Federal Claims · 1995
- Blount v. CommissionerUnited States Tax Court · 1993
5 more not listed; retrieve them via the Exa API.