Erickson v. Commissioner
United States Tax Court
Gordon Erickson and Mid-States Construction Co., a subchapter S corporation, entered into a written agreement in 1965 providing for the redemption of Erickson's 250 shares of stock for a redemption price of $ 146,479, with an upward or downward adjustment of the price depending upon whether the final profits of one construction job then in process were more or less than the amount estimated at the time of the agreement.
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Gordon Erickson and Mid-States Construction Co., a subchapter S corporation, entered into a written agreement in 1965 providing for the redemption of Erickson's 250 shares of stock for a redemption price of $ 146,479, with an upward or downward adjustment of the price depending upon whether the final profits of one construction job then in process were more or less than the amount estimated at the time of the agreement. The profits actually exceeded those estimated, and Erickson's share of the additional profits was an agreed-upon $ 9,000, making a total redemption price of $ 155,479. Held,…
1Opinion of the Court
Gordon A. Erickson and Olive L. Erickson, Petitioners v. Commissioner of Internal Revenue, Respondent; W. Wayne Skinner and Pauline E. Skinner, Petitioners v. Commissioner of Internal Revenue, Respondent
Erickson v. Commissioner
Docket Nos. 684-70, 956-70
United States Tax Court
56 T.C. 1112; 1971 U.S. Tax Ct. LEXIS 77;
August 19, 1971, Filed
Decisions in both docket numbers will be entered under Rule 50.
Gordon Erickson and Mid-States Construction Co., a subchapter S corporation, entered into a written agreement in 1965 providing for the redemption of Erickson's 250 shares of stock for a redemption…
2Cases cited9 opinions
- Podell v. CommissionerUnited States Tax Court · 1970
- A. G. Attebury Et Ux. v. United StatesCourt of Appeals for the Fifth Circuit · 1970
- S. & M. Plumbing Co. v. CommissionerUnited States Tax Court · 1971
- Natco Corporation, Formerly National Fireproofing Corporation v. United StatesCourt of Appeals for the Third Circuit · 1956
- Roesel v. CommissionerUnited States Tax Court · 1971
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