Baan v. Commissioner
United States Tax Court
In a corporate spin-off whereby Pacific corporation transferred to newly created Northwest corporation a portion of its business operations partly in exchange for Northwest stock, the shares of Northwest were distributed to Pacific stockholders (or their assignees) by means of stock rights that were issued in two separate offerings about 2 years apart.
Read the full summary
In a corporate spin-off whereby Pacific corporation transferred to newly created Northwest corporation a portion of its business operations partly in exchange for Northwest stock, the shares of Northwest were distributed to Pacific stockholders (or their assignees) by means of stock rights that were issued in two separate offerings about 2 years apart. It was held in Commissioner v. Gordon, 391 U.S. 83, that the nonrecognition provisions of sec. 355, I.R.C. 1954, were inapplicable to upset the Commissioner's determination that Pacific's stockholders received taxable dividends in the amount of…
1Opinion of the Court
OPINION
Baum, Judge:
These cases are before us on remands from the Second and Ninth Circuits, following the decision of the Supreme Court herein. Commissioner v. Gordon, 391 U.S. 83. We made complete findings of fact when the cases were in this Court the first time (45 T.C. 71), and the facts have been summarized not only by the two Courts of Appeals, 382 F. 2d 485 (C.A. 9); 382 F. 2d 499 (C.A. 2), but also by the Supreme Court itself. We refer to our previous findings for a full account of the events involved and will now set forth only an abbreviated version thereof.
Prior to July 1, 1961,…
2Cases cited21 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Helvering v. BlissSupreme Court of the United States · 1934
- Commissioner v. GordonSupreme Court of the United States · 1968
- James Armour, Inc. v. CommissionerUnited States Tax Court · 1964
16 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- Berry Petroleum Co. v. CommissionerUnited States Tax Court · 1995
- Honigman v. CommissionerUnited States Tax Court · 1971
- Redding v. CommissionerUnited States Tax Court · 1979
- Irving Gordon and Margaret Gordon v. Cmmissioner of Intenal RevenueCourt of Appeals for the Second Circuit · 1970
- Warsaw Photographic Associates, Inc. v. CommissionerUnited States Tax Court · 1985
11 more not listed; retrieve them via the Exa API.