West v. Commissioner
United States Tax Court
T, sole stockholder of X, sold his stock for a price to be computed by valuing underlying assets. However, a claim for refund of corporate Federal taxes was specifically excluded as an asset, and was assigned to T. The claim was subsequently paid by the Government and the funds turned over by the corporation, pursuant to the assignment, to T. Held, the payment to T was not part of the purchase price entitled to preferential capital gains treatment.
1Opinion of the Court
OPINION.
Raum, Judge:
Respondent determined a deficiency of $3,967.96 in petitioners’ income tax for the year 1956. The facts have been stipulated.
Petitioners, husband and wife, are residents of San Pedro, California. They filed original and amended joint income tax returns for 1956 on April 15, 1957, and Juné 20, 1958, respectively, with the district director of internal revenue at Los Angeles, California.
For many years prior to December 20, 1955, John R. West (hereinafter referred to as petitioner) owned and controlled all of the 8,248 outstanding shares of capital stock of West-Marquis,…
2Cases cited7 opinions
- Steel Improv. & Forge Co. v. CommissionerUnited States Tax Court · 1961
- Gilmore v. CommissionerUnited States Tax Court · 1956
- Lewis N. Cotlow v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1955
- Cotlow v. CommissionerUnited States Tax Court · 1954
- Mrs. Leonie G. Mayer and Mrs. Leonie G. Mayer, (Substituted Plaintiff) v. Charles A. Donnelly, Collector of Internal RevenueCourt of Appeals for the Fifth Circuit · 1957
2 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Henry Schwartz Corp. v. CommissionerUnited States Tax Court · 1973
- Waterman S.S. Corp. v. CommissionerUnited States Tax Court · 1968
- Nahey v. CommissionerUnited States Tax Court · 1998
- Tsn Liquidating Corporation, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1980
- Missimer v. CommissionerUnited States Tax Court · 1979
8 more not listed; retrieve them via the Exa API.