Edward R. Bacon Co. v. Commissioner
United States Tax Court
1. Petitioner, an individual, was the majority stockholder in Edward R. Bacon Company, a corporation. On March 31, 1941, the corporation transferred all its assets to petitioner in exchange for his note in the amount of their net value and his assumption of the corporation's debts and liabilities. On the same date the corporation resolved to terminate and dissolve. At the same time, the petitioner acquired all the other outstanding shares of the corporation's stock.
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1. Petitioner, an individual, was the majority stockholder in Edward R. Bacon Company, a corporation. On March 31, 1941, the corporation transferred all its assets to petitioner in exchange for his note in the amount of their net value and his assumption of the corporation's debts and liabilities. On the same date the corporation resolved to terminate and dissolve. At the same time, the petitioner acquired all the other outstanding shares of the corporation's stock. Held, (a) the transfer of the corporation's assets to the petitioner constituted a distribution in liquidation, the petitioner…
1Opinion of the Court
Edward R. Bacon Company v. Commissioner. Edward R. Bacon v. Commissioner.
Edward R. Bacon Co. v. Commissioner
Docket Nos. 4043, 4044.
United States Tax Court
1945 Tax Ct. Memo LEXIS 86; 4 T.C.M. (CCH) 868; T.C.M. (RIA) 45289;
September 10, 1945
1. Petitioner, an individual, was the majority stockholder in Edward R. Bacon Company, a corporation. On March 31, 1941, the corporation transferred all its assets to petitioner in exchange for his note in the amount of their net value and his assumption of the corporation's debts and liabilities. On the same date the corporation resolved to terminate and…
2Cases cited15 opinions
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- Bonwit Teller & Co. v. United StatesSupreme Court of the United States · 1931
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3Cited by1 opinion
- James P. Neill v. Robert L. Phinney, District Director of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957