Johnson Trust v. Commissioner
United States Tax Court
In 1973 C corporation redeemed all of its stock held by the petitioning trust. Thereafter the trustees of petitioner and the beneficiary of petitioner filed sec. 302(c)(2), I.R.C. 1954, waiver agreements.
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In 1973 C corporation redeemed all of its stock held by the petitioning trust. Thereafter the trustees of petitioner and the beneficiary of petitioner filed sec. 302(c)(2), I.R.C. 1954, waiver agreements. Held, because of the waiver agreement filed on behalf of petitioner by the trustees, the stock of the mother of the beneficiary of petitioner cannot be attributed to petitioner, and the distribution in redemption of petitioner's stock in C corporation should be treated under sec. 302(a) as a distribution in exchange for the stock in a complete redemption within the meaning of sec. 302(b)(3).…
1Opinion of the Court
Rodgers P. Johnson Trust, Harrison Johnson, Trustee, Petitioner v. Commissioner of Internal Revenue, Respondent
Johnson Trust v. Commissioner
Docket No. 1335-76
United States Tax Court
71 T.C. 941; 1979 U.S. Tax Ct. LEXIS 166;
February 28, 1979, Filed
Decision will be entered under Rule 155.
In 1973 C corporation redeemed all of its stock held by the petitioning trust. Thereafter the trustees of petitioner and the beneficiary of petitioner filed sec. 302(c)(2), I.R.C. 1954, waiver agreements. Held, because of the waiver agreement filed on behalf of petitioner by the trustees, the stock of the mother…
2Cases cited11 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- United States v. DavisSupreme Court of the United States · 1970
- Haft Trust v. CommissionerUnited States Tax Court · 1974
- Robin Haft Trust v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1975
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