Wheeler v. Commissioner
United States Tax Court
1. A personal holding corporation issued its outstanding stock in exchange for certain securities transferred to it by two of its stockholders. In 1938 its stockholders elected to liquidate under section 112 (b) (7) of the Revenue Act of 1938, under which, inter alia, that portion of the gain realized by each stockholder on liquidation not in excess of his ratable share of the earnings and profits of the corporation is recognizable and taxable as a dividend.
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1. A personal holding corporation issued its outstanding stock in exchange for certain securities transferred to it by two of its stockholders. In 1938 its stockholders elected to liquidate under section 112 (b) (7) of the Revenue Act of 1938, under which, inter alia, that portion of the gain realized by each stockholder on liquidation not in excess of his ratable share of the earnings and profits of the corporation is recognizable and taxable as a dividend. In computing gain or loss for income tax purposes on the sale of such securities the corporation used its transferors' basis, but in…
1Opinion of the Court
Estate of John H. Wheeler, Deceased, Elliott H. Wheeler and Rollo C. Wheeler, Executors, Petitioners, et al., 1 v. Commissioner of Internal Revenue, Respondent
Wheeler v. Commissioner
Docket Nos. 107255, 107258, 107260, 107263, 107265
United States Tax Court
1 T.C. 640; 1943 U.S. Tax Ct. LEXIS 227;
February 24, 1943, Promulgated
Decisions will be entered under Rule 50.
1. A personal holding corporation issued its outstanding stock in exchange for certain securities transferred to it by two of its stockholders. In 1938 its stockholders elected to liquidate under section 112 (b) (7) of the Revenue Act…
2Cases cited11 opinions
- Brushaber v. Union Pacific RailroadSupreme Court of the United States · 1916
- Nichols v. CoolidgeSupreme Court of the United States · 1927
- Welch v. HenrySupreme Court of the United States · 1938
- Blodgett v. HoldenSupreme Court of the United States · 1927
- Milliken v. United StatesSupreme Court of the United States · 1931
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