Legal Opinion

Maloney v. Commissioner

United States Tax Court

Decided July 25, 1989No. Docket Nos. 41612-84, 1716-85PublishedCited by 2 opinions

Petitioners were the controlling shareholders of several corporations. One of these (Van), owned real estate (the I-10 property). Petitioners intended to acquire other real estate (Elysian Fields), and also intended to consolidate operations of several of their corporations and use Elysian Fields in these operations. On the advice of Van's attorney, petitioners decided to have Van exchange the I-10 property for Elysian Fields in a like-kind exchange.

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1Opinion of the Court

CHABOT, Judge:

Respondent determined deficiencies in Federal individual income tax and additions to tax under section 6653(a)1 (negligence, etc.) against petitioners (in docket No. 41612-84) as follows:

Additions to tax

Taxable year Deficiency .- sec. 6653(a)

1978 $39,977 $1,998.85

1979 321,883 16,094.15

Respondent also determined that each petitioner (in docket No. 1716-85) is liable as a transferee of the assets of Maloney Van & Furniture Storage, Inc. (hereinafter sometimes referred to as Van) for a deficiency in Federal corporate income tax for 1978 in the amount of $115,418.03. These cases…

2Cases cited16 opinions

Higgins v. SmithSupreme Court of the United States · 1940
Joseph R. Bolker v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1985
Portland Oil Co. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1940
Biggs v. CommissionerUnited States Tax Court · 1978
Zuanich v. CommissionerUnited States Tax Court · 1981

11 more not listed; retrieve them via the Exa API.

3Cited by2 opinions

Connor Drummond Rice and Scott D. Rice as Co-Trustees for the 2001 Scott D. Rice Trust v. Matthew E. Malouf, Texas Court of Appeals, 7th District (Amarillo)2013
Maloney v. CommissionerUnited States Tax Court · 1989