W. & B. Liquidating Corp. v. Commissioner
United States Tax Court
Petitioner's machine shop was damaged by fire on March 2, 1972. Petitioner, an accrual basis corporation, contracted with Conlon to reconstruct the shop. On May 9, petitioner adopted a plan of complete liquidation under sec. 337. On May 31, petitioner sold all of its assets to Syracuse China Corp., which assumed petitioner's liabilities.
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Petitioner's machine shop was damaged by fire on March 2, 1972. Petitioner, an accrual basis corporation, contracted with Conlon to reconstruct the shop. On May 9, petitioner adopted a plan of complete liquidation under sec. 337. On May 31, petitioner sold all of its assets to Syracuse China Corp., which assumed petitioner's liabilities. The sale included petitioner's right to an agreed $ 157,462 of fire insurance proceeds and its right to have Conlon complete the reconstruction, and Syracuse assumed the obligation to pay Conlon. At the time, $ 43,007 of the work had been completed and…
1Opinion of the Court
W. & B. Liquidating Corp., Petitioner v. Commissioner of Internal Revenue, Respondent; W. & B. Liquidating Corp., Trust, Raymond A. Hust and Leonard P. Markert, Trustees; Jean W. Hoffman; Charlotte C. Buckley; Trust under the Will of Howard C. Will, Deceased, Charlotte C. Buckley and Virginia W. Yeager, Trustees; Estate of Theodore C. Thomasmeyer, Deceased, Christine W. Thomasmeyer, Executrix; Richard L. Will; Leonard P. Markert; and Trust Under the Will of Louis E. Will, Marine Midland Bank-Central, Trustee, Petitioners v. Commissioner of Internal Revenue, Respondent
W. & B. Liquidating Corp.…
2Cases cited8 opinions
- Central Tablet Manufacturing Co. v. United StatesSupreme Court of the United States · 1974
- Margaret v. Dettmers, Estate of Herrick L. Johnston, Deceased, and Margaret v. Dettmers, Individually v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1970
- Estate of Johnston v. CommissionerUnited States Tax Court · 1968
- In Re Goodman's Estate. Goodman v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1952
- Ft. Hamilton Manors, Inc. v. CommissionerUnited States Tax Court · 1969
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