Tribune Pub. Co. v. Commissioner
United States Tax Court
In 1967, Tribune acquired 100 of 250 shares of News, and all of News' shareholders entered into an agreement that Tribune would have a right of first refusal if any other shareholder wished to sell his stock. In 1972, Tribune acquired 75 additional shares of News' stock, bringing its total to 175 shares. The other 75 shares were owned by two News employees.
Read the full summary
In 1967, Tribune acquired 100 of 250 shares of News, and all of News' shareholders entered into an agreement that Tribune would have a right of first refusal if any other shareholder wished to sell his stock. In 1972, Tribune acquired 75 additional shares of News' stock, bringing its total to 175 shares. The other 75 shares were owned by two News employees. Held, Tribune's right of first refusal was a condition running in its favor which substantially restricted or limited the News employees' right to dispose of their stock with the result that their stock was "excluded" stock within the…
1Opinion of the Court
Tribune Publishing Company, Petitioner v. Commissioner of Internal Revenue, Respondent; News Review Publishing Co., Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Tribune Pub. Co. v. Commissioner
Docket Nos. 12216-81, 12471-81
United States Tax Court
79 T.C. 1029; 1982 U.S. Tax Ct. LEXIS 5; 79 T.C. No. 66;
December 20, 1982, Filed
Decisions will be entered for the respondent.
In 1967, Tribune acquired 100 of 250 shares of News, and all of News' shareholders entered into an agreement that Tribune would have a right of first refusal if any other shareholder wished to sell his stock.…
2Cases cited10 opinions
- Doss v. YinglingIndiana Court of Appeals · 1930
- Krauss v. KuechlerMassachusetts Supreme Judicial Court · 1938
- Martz v. CommissionerUnited States Tax Court · 1981
- Security Life Accident Ins. Co. v. CarlovitzSupreme Court of Alabama · 1949
- Barton Naphtha Co. v. CommissionerUnited States Tax Court · 1971
5 more not listed; retrieve them via the Exa API.