Bennett v. Commissioner
United States Tax Court
Held, an integrated transaction whereby the stock interest of a majority shareholder in a closely held corporation was terminated did not result in a distribution essentially equivalent to a dividend to the minority shareholder within the meaning of sec. 302(b)(1), I.R.C. 1954.
1Opinion of the Court
Featherston, Judge:
Respondent determined a deficiency in petitioners’ Federal income tax for 1965 in the amount of $47,850.40. The sole issue for decision is whether petitioner Richard B. Bennett, owner of a minority of the shares of a corporation, realized income, taxable under section 301,1 as the result of a transaction in which the stock ownership of the majority shareholder was terminated.
FINDINGS OF FACT
Richard B. Bennett (hereinafter referred to as petitioner), and Luanne Bennett, husband and wife, were legal residents of Eau Claire, Wis., at the time they filed their petition. They…
2Cases cited25 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Enoch v. CommissionerUnited States Tax Court · 1972
- Wall v. United StatesCourt of Appeals for the Fourth Circuit · 1947
- United States v. DavisSupreme Court of the United States · 1970
- Joseph R. Holsey and Eleanor T. Holsey v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
20 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Esmark, Inc. v. CommissionerUnited States Tax Court · 1988
- Stephens v. CommissionerUnited States Tax Court · 1973
- Edler v. CommissionerUnited States Tax Court · 1982
- Dietzsch v. United StatesUnited States Court of Claims · 1974
- Schroeder v. CommissionerCourt of Appeals for the Ninth Circuit · 1987
18 more not listed; retrieve them via the Exa API.