Wilkinson v. Commissioner
United States Tax Court
In 1947 petitioners sold real and personal property to their own corporation and elected to report the substantial gain realized on such sale on the installment basis.
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In 1947 petitioners sold real and personal property to their own corporation and elected to report the substantial gain realized on such sale on the installment basis. In December 1958, when the remaining deferred gain on the 1947 sale was still about $ 275,000, the petitioners assigned the installment obligations to a partnership of which they were members, and in January 1959 they liquidated the corporation, receiving its assets and assuming its liability on the installment obligations. Held: The assignment of the installment obligations to the partnership in December 1958 may be…
1Opinion of the Court
OPINION
Mulroney, Judge:
These consolidated cases involve deficiencies in income taxes as determined by respondent, without making any adjustment for the subsequently claimed net operating loss carrybacks from 1962, as follows:
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The issues are (1) did the respondent properly determine that the petitioners realized taxable gain upon the satisfaction and/or disposition of their installment obligations pursuant to section 453 of the Internal Revenue Code of 19541 when the debtor corporation liquidated and they, as shareholders, received its assets in 1959, and (2) in the alternative,…
2Cases cited6 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Weyl-Zuckerman & Company v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1956
- Burrell Groves, Inc. v. CommissionerUnited States Tax Court · 1954
- Wynne v. CommissionerUnited States Board of Tax Appeals · 1942
- Burrell Groves, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1955
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