West Coast Sec. Co. v. Commissioner
United States Tax Court
In 1943 petitioner corporation distributed in liquidation 47,000 shares of Transamerica Corporation stock to its stockholders, which stock was then pledged with creditors as security for certain notes of the petitioner corporation. Thereafter, the stockholders sold the stock to one of the creditors and the proceeds of the sale were applied in payment of the loans for which the shares were held as security.
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In 1943 petitioner corporation distributed in liquidation 47,000 shares of Transamerica Corporation stock to its stockholders, which stock was then pledged with creditors as security for certain notes of the petitioner corporation. Thereafter, the stockholders sold the stock to one of the creditors and the proceeds of the sale were applied in payment of the loans for which the shares were held as security. Petitioner, in order to secure cash with which to pay its debts and carry out its proposed liquidation, canceled two notes held by it which were secured by second mortgages in consideration…
1Opinion of the Court
OPINION.
Arundell, Judge:
The petitioner corporation herein contends that the Commissioner erred in determining deficiencies in income tax, declared value excess profits tax, and personal holding company surtax for the period January 1,1943, to August 31,1943, and claims that it is entitled to the determination of an overpayment of income tax in the amount of $18,519.54.
Initially, petitioner challenges the Commissioner’s determination that it realized a long term capital gain in the amount of $106,534.80 as a result of a transaction whereby 47,000 shares of Transamerica stock were sold to the…
2Cases cited5 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Spring City Foundry Co. v. CommissionerSupreme Court of the United States · 1934
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Acampo Winery & Distilleries, Inc. v. CommissionerUnited States Tax Court · 1946
- Kaufmann v. CommissionerUnited States Tax Court · 1948
3Cited by22 opinions
- Sanders v. CommissionerUnited States Tax Court · 1954
- Harold Wener v. Commissioner of Internal Revenue, Molly Wener v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1957
- Loewi & Co. v. CommissionerUnited States Tax Court · 1954
- Harrison v. CommissionerUnited States Tax Court · 1973
- Osborne v. CommissionerUnited States Tax Court · 1986
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