Howell v. Commissioner
United States Tax Court
In 1946 the directors of P, a real estate corporation, adopted a plan of liquidation. During 1946-1956 P sold all of its property except one tract and made various distributions to its shareholders designated as "liquidating" or "partial liquidating" dividends. It acquired no new property. On May 23, 1958, P's directors adopted a plan of "Final Liquidation" which was to be completed within 12-months, and it in fact sold the remaining tract during that period.
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In 1946 the directors of P, a real estate corporation, adopted a plan of liquidation. During 1946-1956 P sold all of its property except one tract and made various distributions to its shareholders designated as "liquidating" or "partial liquidating" dividends. It acquired no new property. On May 23, 1958, P's directors adopted a plan of "Final Liquidation" which was to be completed within 12-months, and it in fact sold the remaining tract during that period. Held, that the 1958 "plan" and P's activities subsequent to its adoption were merely part of P's 1946 plan of liquidation; therefore,…
1Opinion of the Court
Malcolm C. Howell, Transferee, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Howell v. Commissioner
Docket Nos. 1406-62, 1416-62, 1433-62, 1434-62, 1435-62, 1445-62, 1448-62, 1449-62
United States Tax Court
40 T.C. 940; 1963 U.S. Tax Ct. LEXIS 57;
September 12, 1963, Filed
Decisions will be entered for the respondent.
In 1946 the directors of P, a real estate corporation, adopted a plan of liquidation. During 1946-1956 P sold all of its property except one tract and made various distributions to its shareholders designated as "liquidating" or "partial liquidating" dividends.…
2Cases cited6 opinions
- R. D. Merrill Co. v. CommissionerUnited States Tax Court · 1945
- T. T. Word Supply Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Virginia Ice & Freezing Corp. v. CommissionerUnited States Tax Court · 1958
- Bynum v. CommissionerCourt of Appeals for the Fifth Circuit · 1940
- City Bank of Washington v. CommissionerUnited States Tax Court · 1962
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