Divine v. Commissioner
United States Tax Court
The factual and legal issues in this case are virtually identical to those in Luckman v. Commissioner, 418 F.2d 381 (C.A. 7, 1969) reversing 50 T.C. 619 (1968). Petitioner received distributions of property in 1961 and 1962 from Rapid in his capacity as a stockholder. The petitioner in Luckman received comparable distributions in 1961. Prior to and during the years in issue Rapid's employees purchased 186,558 shares of its stock by exercising restricted stock options.
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The factual and legal issues in this case are virtually identical to those in Luckman v. Commissioner, 418 F.2d 381 (C.A. 7, 1969) reversing 50 T.C. 619 (1968). Petitioner received distributions of property in 1961 and 1962 from Rapid in his capacity as a stockholder. The petitioner in Luckman received comparable distributions in 1961. Prior to and during the years in issue Rapid's employees purchased 186,558 shares of its stock by exercising restricted stock options. The aggregate market values of these shares at the dates the options were exercised was $ 5,671,120. The prices set by the…
1Opinion of the Court
OPINION
FoReester, Judge:
Respondent determined deficiencies in petitioners’ income tax for the taxable years 1961 and 1962 in the amounts of $15,134.77 and $21,334.40, respectively, and also determined with respect to 1962 an addition to tax under section 6653 (a)1 in the amount of $1,066.72. Due to a number of concessions2 the only two issues remaining for our decision are the following: (1) Whether the case of Luckman v. Commissioner, 418 F.2d 381 (C.A. 7, 1969), reversing 50 T.C. 619 (1968), has any collateral estoppel effect on this case; and, if not, (2) whether, with respect to a…
2Cases cited62 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Cromwell v. County of SacSupreme Court of the United States · 1877
- Blonder-Tongue Laboratories, Inc. v. University of Illinois FoundationSupreme Court of the United States · 1971
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3Cited by18 opinions
- Harold S. Divine and Rita K. Divine v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1974
- Gammill v. CommissionerUnited States Tax Court · 1974
- Anderson v. CommissionerUnited States Tax Court · 1976
- Union Carbide Corp. v. CommissionerUnited States Tax Court · 1980
- Baily v. United StatesDistrict Court, E.D. Pennsylvania · 1973
13 more not listed; retrieve them via the Exa API.