Holmby Corp. v. Commissioner
United States Board of Tax Appeals
1. DIVIDENDS - ORDINARY OR LIQUIDATING DIVIDENDS. - Where petitioner, a holding corporation, owned practically all the stock of another corporation, and such other corporation granted an option for the sale of its department store business, assets (with certain exceptions), good will and corporate name, which option was exercised on October 29, 1926, and thereafter on November 10, 1926, the corporation declared a distribution of $50 per share, and on November 17, 1926,…
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1. DIVIDENDS - ORDINARY OR LIQUIDATING DIVIDENDS. - Where petitioner, a holding corporation, owned practically all the stock of another corporation, and such other corporation granted an option for the sale of its department store business, assets (with certain exceptions), good will and corporate name, which option was exercised on October 29, 1926, and thereafter on November 10, 1926, the corporation declared a distribution of $50 per share, and on November 17, 1926, declared another distribution of all surplus profits on hand on November 19, 1926, and was disincorporated on or about…
1Opinion of the Court
*1101OPINION.
Black.
The problem here is to determine the correct amount of either a gain or a loss upon the liquidation of the old company, which was completed on or about December 24, 1926, at which time it was disincorporated and petitioner, a holding corporation, received $5,010,293.09. The problem involves two questions — (1) whether the two distributions authorized on the 10th and 17th of November, 1926, and amounting in the aggregate to $3,073,775.03, were either “ amounts distributed in complete liquidation ” or “ amounts distributed in partial liquidation ” as those terms are used in…
2Cases cited16 opinions
- Wickwire v. ReineckeSupreme Court of the United States · 1927
- Hellmich v. HellmanSupreme Court of the United States · 1928
- Hershey Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Guild v. CommissionerUnited States Board of Tax Appeals · 1930
- Gossett v. CommissionerUnited States Board of Tax Appeals · 1931
11 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Holmby Corporation v. Commissioner of Internal Rev.Court of Appeals for the Ninth Circuit · 1936
- Countway v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1942
- Letts v. CommissionerUnited States Board of Tax Appeals · 1934
- Clara D. Blaschka v. The United StatesUnited States Court of Claims · 1968
- Horn & Hardart Baking Co. v. United StatesDistrict Court, E.D. Pennsylvania · 1940
6 more not listed; retrieve them via the Exa API.