Hard v. Commissioner
United States Tax Court
The decedent was sole shareholder of a Mexican commercial corporation which owned only real estate situated in Mexico. In 1934 the Mexican Commercial Code was amended to provide that any commercial corporation upon becoming owned by less than five shareholders was dissolved.
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The decedent was sole shareholder of a Mexican commercial corporation which owned only real estate situated in Mexico. In 1934 the Mexican Commercial Code was amended to provide that any commercial corporation upon becoming owned by less than five shareholders was dissolved. A liquidation procedure was prescribed, projecting the juridical personality of the corporation through the liquidation period and requiring the intervention of a liquidator for winding up the corporate affairs and making final distribution of remaining assets to shareholders. At decedent's death no liquidation had been…
1Opinion of the Court
OPINION.
Johnson, Judge:
Although it does not specifically appear from the deficiency notice or other evidence, we assume from the parties’ contentions that in determining petitioner’s estate tax the Commissioner included in the value of the gross estate $69,439.70 representing the value of 1,000 shares of the Hard Guevara Co. Petitioner assails this determination, alleging that the corporation was dissolved under Mexican law prior to decedent’s death; that, as sole shareholder, decedent became the owner of its assets, which consisted entirely of real estate located in Mexico; that shares of…
2Cases cited2 opinions
- Anderson v. WilsonSupreme Court of the United States · 1933
- Brinckerhoff v. CommissionerUnited States Tax Court · 1947
3Cited by1 opinion
- Hard v. CommissionerUnited States Tax Court · 1947