Legal Opinion
Commissioner of Internal Revenue v. Hirshon Trust
Court of Appeals for the Second Circuit
Decided May 17, 1954No. 207, Docket 22940PublishedCited by 25 opinions
1Opinion of the Court
HARLAN, Circuit Judge.
The question raised by this petition is the extent to which the fair market value of a corporate distribution in kind is taxable to the shareholder-distributees as ordinary dividend income where the earnings and profits of the distributing corporation are sufficient to cover the adjusted cost of the property distributed but are insufficient to cover its full fair market value at the time of the distribution.
In 1947, Southern Natural Gas Company (hereinafter called “Southern”) distributed as dividends to its shareholders (of whom Respondent was one) $2,113,722.03 in cash…
2Cases cited13 opinions
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
- R. D. Merrill Co. v. CommissionerUnited States Tax Court · 1945
- Randall v. BaileyNew York Court of Appeals · 1942
- Commissioner of Internal Revenue v. TimkenCourt of Appeals for the Sixth Circuit · 1944
- Godley v. CommissionerUnited States Tax Court · 1953
8 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- Gross v. CommissionerUnited States Tax Court · 1955
- Commissioner of Internal Revenue v. George M. Gross and Anna Gross, (And Ten Other Consolidated Petitions for Review)Court of Appeals for the Second Circuit · 1956
- Anderson v. CommissionerUnited States Tax Court · 1976
- Whittemore v. FitzpatrickDistrict Court, D. Connecticut · 1954
- Commissioner of Internal Revenue v. Godley's EstateCourt of Appeals for the Third Circuit · 1954
20 more not listed; retrieve them via the Exa API.