Bijou Park Properties, Inc. v. Commissioner
United States Tax Court
Petitioner Bijou 2 acquired all of the issued and outstanding shares of Bijou 1 and then completely liquidated the latter. Among the assets of Bijou 1 were numerous installment obligations.
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Petitioner Bijou 2 acquired all of the issued and outstanding shares of Bijou 1 and then completely liquidated the latter. Among the assets of Bijou 1 were numerous installment obligations. Held, the distribution of such installment obligations by Bijou 1 in the course of liquidation did not constitute a taxable disposition under sec. 453(d) of the Internal Revenue Code of 1954; held, further, that by reason of sec. 334(b)(3)(C) the liquidation is not covered by sec. 334(b)(2) and the basis of such obligations to Bijou 2 is the same as their basis to Bijou 1.
1Opinion of the Court
Tannenwald, Judge:
Respondent determined deficiencies in income tax for the years and in the amounts as follows:
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One of the issues has been settled by the parties. The issues remaining for decision are:(1) Did the distribution to Bijou 2 of certain installment obligations in complete liquidation of Bijou 1 constitute a taxable disposition under section 458 (d) ?1(2) Is Bijou 2 entitled to apply section 834(b) (2) in computing its basis in such obligations ?
FINDINGS OP PACT
Some of the facts have been stipulated and are found accordingly.
Bijou 1 was organized as a California…
2Cases cited17 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Gregory v. HelveringSupreme Court of the United States · 1935
- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
- J. C. Penney Company, Transferee v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1962
- Paragon Jewel Coal Co. v. CommissionerSupreme Court of the United States · 1965
12 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Estate of Piper v. CommissionerUnited States Tax Court · 1979
- Peter Pan Seafoods, Inc. v. United StatesCourt of Appeals for the Ninth Circuit · 1969
- In the Matter of Chrome Plate, Inc., Bankrupt. Chrome Plate, Inc. v. District Director of Internal Revenue, United States of AmericaCourt of Appeals for the Fifth Circuit · 1980
- Supreme Investment Corporation v. United StatesCourt of Appeals for the Fifth Circuit · 1972
- Madison Square Garden Corp. v. CommissionerUnited States Tax Court · 1972
14 more not listed; retrieve them via the Exa API.