Ridge Realization Corp. v. Commissioner
United States Tax Court
Central States Electric Corp. and two subsidiary investment companies were reorganized in a chapter X bankruptcy reorganization.
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Central States Electric Corp. and two subsidiary investment companies were reorganized in a chapter X bankruptcy reorganization. As part of the plan of reorganization, petitioner was created for the sole purpose of prosecuting, realizing upon, and distributing the proceeds of two lawsuits which had been commenced by or on behalf of Blue Ridge Corp., one of the subsidiaries, seeking recovery from certain former directors of Blue Ridge and others for losses sustained by Blue Ridge as a result of alleged wrongdoing. In 1959 petitioner received $ 800,000 from one defendant in partial settlement…
1Opinion of the Court
Ridge Realization Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Ridge Realization Corp. v. Commissioner
Docket No. 2907-62
United States Tax Court
45 T.C. 508; 1966 U.S. Tax Ct. LEXIS 134;
March 4, 1966, Filed
Decision will be entered for the petitioner.
Central States Electric Corp. and two subsidiary investment companies were reorganized in a chapter X bankruptcy reorganization. As part of the plan of reorganization, petitioner was created for the sole purpose of prosecuting, realizing upon, and distributing the proceeds of two lawsuits which had been commenced by or on…
2Cases cited30 opinions
- Commissioner v. CulbertsonSupreme Court of the United States · 1949
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Lyeth v. HoeySupreme Court of the United States · 1938
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Graves v. New York Ex Rel. O'KeefeSupreme Court of the United States · 1939
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