Cohen v. Commissioner
United States Tax Court
Rucind, Inc., owned a tract of undeveloped land which it agreed to sell under contract dated Feb. 18, 1969. On Oct. 1, 1969, all the stockholders and directors of Rucind adopted a plan of complete liquidation pursuant to sec. 333, I.R.C. 1954, and all the stockholders filed proper elections under that section to have their gains treated in accordance with its provisions.
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Rucind, Inc., owned a tract of undeveloped land which it agreed to sell under contract dated Feb. 18, 1969. On Oct. 1, 1969, all the stockholders and directors of Rucind adopted a plan of complete liquidation pursuant to sec. 333, I.R.C. 1954, and all the stockholders filed proper elections under that section to have their gains treated in accordance with its provisions. On Oct. 3, 1969, the land, which was Rucind's only asset, was distributed in complete liquidation to the stockholders who, on Oct. 7, 1969, closed the aforearranged sale. Held, sale of the land must be considered as made by…
1Opinion of the Court
Sterrett, Judge:
The respondent determined deficiencies in the Federal income taxes of petitioners as follows:
Petitioners Year Amount
Aaron Cohen and Claire Cohen_ 1969 $21,637.74
Jeremiah Duggan and Sheila Duggan_ 1969 54,919.25
Samuel E. Rubinson and Hilda C. Rubinson_ 1969 33,586.65
Rucind, Inc_ 2/1/69 80,909.48 to 10/3/69
Certain issues having not been raised in the petitions, the issues to be decided are: (1) Whether the sale of the tract of land in question was made for tax purposes by Rucind, Inc., and, if so, (2) whether elections under section 333, I.R.C. 1954,2 made by the stockholders of…
2Cases cited9 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Meyer's Estate v. Commissioner of Internal Revenue. (Three Cases)Court of Appeals for the Fifth Circuit · 1952
- Burke & Herbert Bank & Trust Co. v. CommissionerUnited States Tax Court · 1948
- Estate of Lamberth v. CommissionerUnited States Tax Court · 1958
- Estate of Stamos v. CommissionerUnited States Tax Court · 1970
4 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Bonner v. CommissionerUnited States Tax Court · 1979
- Di Andrea, Inc. v. CommissionerUnited States Tax Court · 1983
- Clayton v. CommissionerUnited States Tax Court · 1981
- Blakely v. CommissionerUnited States Tax Court · 1982
- Cohen v. CommissionerUnited States Tax Court · 1975
3 more not listed; retrieve them via the Exa API.