Weaver v. Commissioner
United States Tax Court
1. Held, that two corporations of which the petitioners were shareholders were collapsible corporations within the meaning of section 117(m) of the Internal Revenue Code of 1939, and that gain derived by the petitioners upon the redemption of some of their stock is to be considered as gain from the sale or exchange of property which is not a capital asset.
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1. Held, that two corporations of which the petitioners were shareholders were collapsible corporations within the meaning of section 117(m) of the Internal Revenue Code of 1939, and that gain derived by the petitioners upon the redemption of some of their stock is to be considered as gain from the sale or exchange of property which is not a capital asset. R. A. Bryan, 32 T.C. 104, followed. 2. The petitioner used his personal funds and proceeds of loans upon which he was personally liable for the acquisition of land and construction of houses thereon. After completion of construction he…
1Opinion of the Court
W. H. Weaver and Edith H. Weaver, Husband and Wife, Petitioners, v. Commissioner of Internal Revenue, Respondent
Weaver v. Commissioner
Docket No. 61628
United States Tax Court
32 T.C. 411; 1959 U.S. Tax Ct. LEXIS 154;
May 29, 1959, Filed
Decision will be entered under Rule 50.
1. Held, that two corporations of which the petitioners were shareholders were collapsible corporations within the meaning of section 117(m) of the Internal Revenue Code of 1939, and that gain derived by the petitioners upon the redemption of some of their stock is to be considered as gain from the sale or exchange of…
2Cases cited8 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- United States v. HendlerSupreme Court of the United States · 1938
- Bryan v. CommissionerUnited States Tax Court · 1959
- Gross v. CommissionerUnited States Tax Court · 1955
- Commissioner of Internal Revenue v. George M. Gross and Anna Gross, (And Ten Other Consolidated Petitions for Review)Court of Appeals for the Second Circuit · 1956
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