Peek v. Comm'r
United States Tax Court
In 2001 Ps established traditional IRAs. Ps formed FP Corp. and directed their new IRAs to use rolled-over cash to purchase 100% of FP Corp.'s newly issued stock. Ps used FP Corp. to acquire the assets of AFS Corp. Ps personally guaranteed loans of FP Corp. that arose out of the asset purchase. In 2003 and 2004 Ps undertook to roll over the FP Corp. stock from their traditional IRAs to Roth IRAs, including in Ps' income the value of the stock rolled over in those years.
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In 2001 Ps established traditional IRAs. Ps formed FP Corp. and directed their new IRAs to use rolled-over cash to purchase 100% of FP Corp.'s newly issued stock. Ps used FP Corp. to acquire the assets of AFS Corp. Ps personally guaranteed loans of FP Corp. that arose out of the asset purchase. In 2003 and 2004 Ps undertook to roll over the FP Corp. stock from their traditional IRAs to Roth IRAs, including in Ps' income the value of the stock rolled over in those years. In 2006 after the FP Corp. stock had significantly appreciated in value, Ps directed their Roth IRAs to sell all of the FP…
1Opinion of the Court
LAWRENCE F. PEEK AND SARA L. PEEK, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent;
DARRELL G. FLECK AND KIMBERLY J. FLECK, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Peek v. Comm'r
Docket Nos. 5951-11, 6481-11.
United States Tax Court
140 T.C. 216; 2013 U.S. Tax Ct. LEXIS 13; 140 T.C. No. 12;
May 9, 2013, Filed
Decisions will be entered under Rule 155.
In 2001 Ps established traditional IRAs. Ps formed FP Corp. and directed their new IRAs to use rolled-over cash to purchase 100% of FP Corp.'s newly issued stock. Ps used FP Corp. to acquire the assets of AFS Corp. Ps…
2Cases cited10 opinions
- HIGBEE v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- Neely v. CommissionerUnited States Tax Court · 1985
- Commissioner v. Keystone Consolidated Industries, Inc.Supreme Court of the United States · 1993
- Borchers v. CommissionerUnited States Tax Court · 1990
- Richard J. Borchers Jane E. Borchers v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1991
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