Bird Management, Inc. v. Commissioner
United States Tax Court
1. T. corp. adopted a plan to sell its business assets and liquidate within a year. It attempted to bring itself within sec. 337, I.R.C. 1954, and distributed all of its known assets to its sole stockholder within that year. Thereafter, two checks were issued to it as tax refunds which were immediately deposited in the sole stockholder's bank account.
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1. T. corp. adopted a plan to sell its business assets and liquidate within a year. It attempted to bring itself within sec. 337, I.R.C. 1954, and distributed all of its known assets to its sole stockholder within that year. Thereafter, two checks were issued to it as tax refunds which were immediately deposited in the sole stockholder's bank account. It does not appear that T knew of its rights in respect of those refunds during the year, and its rights in respect of one of them had not yet matured. Held, the loss on sale of assets was nonrecognizable under sec. 337, in view of failure of…
1Opinion of the Court
Bird Management, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent; A. U. Bird Trust, Transferee, Sidney M. Bird, Trustee, Petitioner v. Commissioner of Internal Revenue, Respondent
Bird Management, Inc. v. Commissioner
Docket Nos. 2714-65, 2715-65
United States Tax Court
48 T.C. 586; 1967 U.S. Tax Ct. LEXIS 68;
July 21, 1967, Filed
Decisions will be entered under Rule 50.
1. T. corp. adopted a plan to sell its business assets and liquidate within a year. It attempted to bring itself within sec. 337, I.R.C. 1954, and distributed all of its known assets to its sole stockholder within…
2Cases cited23 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- United States v. Cumberland Public Service Co.Supreme Court of the United States · 1950
- Geyer, Cornell & Newell, Inc. v. CommissionerUnited States Tax Court · 1946
- West Seattle National Bank of Seattle v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1961
- West Seattle Nat'l Bank v. CommissionerUnited States Tax Court · 1959
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