Monson v. Commissioner
United States Tax Court
One of petitioners owned 381 shares of the 450 outstanding shares of a corporation engaged in the trucking business. The 69 outstanding shares not owned by petitioner were owned by his children. On July 30, 1976, the corporation redeemed 122 shares of the stock owned by petitioner for an amount equal to a price of $ 1,148.14 per share, all of which was paid to him in cash or property, and, on that same date, also redeemed the 69 shares owned by his children.
Read the full summary
One of petitioners owned 381 shares of the 450 outstanding shares of a corporation engaged in the trucking business. The 69 outstanding shares not owned by petitioner were owned by his children. On July 30, 1976, the corporation redeemed 122 shares of the stock owned by petitioner for an amount equal to a price of $ 1,148.14 per share, all of which was paid to him in cash or property, and, on that same date, also redeemed the 69 shares owned by his children. On Aug. 2, 1976, petitioner sold all of his remaining shares in the corporation to an unrelated individual for a price of $ 1,148.14 per…
1Opinion of the Court
Clarence J. Monson and Mildred R. Monson, 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Monson v. Commissioner
Docket No. 11432-80
United States Tax Court
79 T.C. 827; 1982 U.S. Tax Ct. LEXIS 15; 79 T.C. No. 53;
November 18, 1982, Filed
Decision will be entered under Rule 155.
One of petitioners owned 381 shares of the 450 outstanding shares of a corporation engaged in the trucking business. The 69 outstanding shares not owned by petitioner were owned by his children. On July 30, 1976, the corporation redeemed 122 shares of the stock owned by petitioner for an amount equal to a price…
Also in this document: Concurrence.
2Cases cited17 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Wall v. United StatesCourt of Appeals for the Fourth Circuit · 1947
- Pritchett v. CommissionerUnited States Tax Court · 1974
- Rushing v. CommissionerUnited States Tax Court · 1969
- W. B. Rushing v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1971
12 more not listed; retrieve them via the Exa API.