Kaplan v. Commissioner
United States Tax Court
Petitioner acquired 50 shares of the corporation's stock on May 20, 1964, for $ 1,000 in cash. Petitioner subsequently acquired the remaining 50 shares of the corporation's stock on Jan. 23, 1967, in exchange for cancellation of $ 24,000 of the corporation's purported indebtedness to petitioner.
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Petitioner acquired 50 shares of the corporation's stock on May 20, 1964, for $ 1,000 in cash. Petitioner subsequently acquired the remaining 50 shares of the corporation's stock on Jan. 23, 1967, in exchange for cancellation of $ 24,000 of the corporation's purported indebtedness to petitioner. Held, that the "written plan" allegedly pertaining to the issuance of the 50 shares of the corporation's stock to petitioner on May 20, 1964, did not satisfy the 2-year requirement of sec. 1244(c)(1)(A), I.R.C. 1954, and, therefore, that petitioner's loss sustained with respect to such stock did not…
1Opinion of the Court
OPINION
Fat, Judge:
Respondent determined deficiencies in petitioner’s Federal income tax for the taxable years 1964 and 1967 in the amounts of $2,483.43 and $3,387.65, respectively.
The issues presented for our consideration are: (1) Whether the 50 shares of no-par-value common stock of Aintree Stables, Inc. (hereinafter referred to as Aintree or the corporation), that petitioner acquired on May 20, 1964, were issued pursuant to a written plan as contemplated by section 1244 of the Internal Revenue Code of 19541 and the regulations thereunder for purposes of determining if petitioner’s loss…
2Cases cited16 opinions
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