Hanna v. Commissioner
United States Tax Court
Losses on Sales or Exchanges Between Related Taxpayers -- Sec. 267, I.R.C. 1954. -- Held, no loss is allowable resulting from the redemption of stock by a corporation from a decedent's estate when all the stock of the corporation is owned by the estate and its beneficiaries who are sisters.
1ConcurrenceDrennen, J.
I concur in the result reached by the majority because I think this case is controlled by the rationale of Estate of Charles C. Ingalls, 45 B.T.A. 787 (1941), which was reviewed by the Board and affirmed on appeal 132 F. 2d 862 (C.A. 6, 1943) ,1 and I find no other case directly supporting a contrary view. However, were this question one of first impression I would be constrained to disagree with the result reached here.
The loss is disallowed here under section 267 of the Internal Eevenue Code of 1954 which, for our purposes, is the same as section 24 (b) of the Internal Eevenue Code of 1939,…
2Cases cited3 opinions
- Lexmont Corp. v. CommissionerUnited States Tax Court · 1953
- Ingalls v. CommissionerUnited States Board of Tax Appeals · 1941
- Clark v. CommissionerCourt of Appeals for the Sixth Circuit · 1943