Legal Opinion
Thomas M. Hageman v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided July 14, 1971No. 31056PublishedCited by 2 opinions
1Per curiam
Taxpayer contends that complete liquidation of his solely owned corporation (HBDC) was effected under 26 U.S.C.A. § 331(a) 1 in 1964 rather than 1965 as held by the Tax Court. We affirm.
There is really not a significant question of law. All agree that “complete” liquidation is tested in practical terms and that the liquidation need not be lit-
erally complete. 2 This is essentially a factual question for the trier of the fact, not ordinarily this Court.
The case turns on the disposition of the two major assets of HBDC: the Hortt property, an ocean front residence, and (more important) the…
2Cases cited5 opinions
- Waterman Steamship Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1970
- Gensinger v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1953
- A. S. Genecov and Wife, Hilda Genecov v. United StatesCourt of Appeals for the Fifth Circuit · 1969
- Commissioner of Internal Revenue v. WinthropCourt of Appeals for the Second Circuit · 1938
- Philip Shore v. Commissioner Of Internal RevenueCourt of Appeals for the Fifth Circuit · 1961
3Cited by2 opinions
- Pittsburgh Realty Inv. Trust v. CommissionerUnited States Tax Court · 1976
- Pittsburgh Realty Inv. Trust v. CommissionerUnited States Tax Court · 1976