Finley v. Commissioner
United States Tax Court
Petitioner and J. Floyd Frazier were controlling stockholders of the Midwest Materials Company, a corporation engaged in general construction work and in the supplying of materials used in construction work. On August 25, 1941, petitioner and J. Floyd Frazier transferred their stock in the corporation to their wives. On August 31, 1941, the corporation was dissolved and its assets distributed to the two wives.
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Petitioner and J. Floyd Frazier were controlling stockholders of the Midwest Materials Company, a corporation engaged in general construction work and in the supplying of materials used in construction work. On August 25, 1941, petitioner and J. Floyd Frazier transferred their stock in the corporation to their wives. On August 31, 1941, the corporation was dissolved and its assets distributed to the two wives. On September 1, 1941, petitioner and J. Floyd Frazier formed a partnership, Midwest Materials and Construction Company, to engage in general construction work. Also on September 1,…
1Opinion of the Court
OPINION.
Mtjlroney, Judge:
The principal issue is whether the Finley-Frazier partnership, consisting of Jerline Dick Finley and Gladys H. Frazier, is to be recognized for Federal income tax purposes. Materials, a corporation organized to engage in general construction work and to supply materials used in construction work, was controlled by petitioner and J. Floyd Frazier. In 1941 there took place a series of integrated steps which were, briefly, as follows: (1) Petitioner and J. Floyd Frazier transfer their stock in Materials to their wives; (2) Materials is liquidated and the assets,…
2Cases cited6 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- W. H. Armston Co., Inc. v. Commissioner of Internal Revenue. Armston v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
- Boyle, Flagg & Seaman, Inc. v. CommissionerUnited States Tax Court · 1955
- Harden M. Loan Co. v. Com'r of Internal RevenueCourt of Appeals for the Tenth Circuit · 1943
- Royce v. CommissionerUnited States Tax Court · 1952
1 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Finley v. CommissionerUnited States Tax Court · 1956
- Vaughn v. CommissionerUnited States Tax Court · 1986