Blauvelt v. Commissioner
United States Tax Court
Petitioners, purchasers of corporate stock after March 1, 1913, received in 1940 distributions from increase in value of property accrued before March 1, 1913. The distributions were not dividends, and were not in complete or partial liquidation of the corporation. Held, that the petitioners are not taxable upon the amounts by which the distributions exceeded their adjusted bases in the stock. Regulations 103, section 19.111-1, held to that extent invalid.
1Opinion of the Court
OPINION.
Disney, Judge.
These proceedings, involving the redetermination of deficiencies of $102.22 and $244.17 for 1940 in the respective docket numbers, were consolidated for hearing and report. The facts are found as set forth in a stipulation of facts.
The petitioners in each docket are husband and wife. The husbands owned shares of stock of the Qhapultepec Land Improvement Co., a New Jersey corporation, which in 1940 had no earnings or profits accumulated after February 28, 1913, within the meaning of section 115 (a) (1) of the Internal Revenue Code, and had no earnings or profits…
2Cases cited6 opinions
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- Burnet v. GuggenheimSupreme Court of the United States · 1933
- White v. United StatesSupreme Court of the United States · 1938
- Lynch v. HornbySupreme Court of the United States · 1918
- Hellmich v. HellmanSupreme Court of the United States · 1928
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Higginson v. United StatesUnited States Court of Claims · 1948
- Roe v. CommissionerUnited States Tax Court · 1950
- Blauvelt v. CommissionerUnited States Tax Court · 1944
- Cummer Sons Cypress Co. v. CommissionerUnited States Tax Court · 1946
- James G. Schaefer v. Russell A. Welch, District Director of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
2 more not listed; retrieve them via the Exa API.