Mills v. Commissioner
United States Tax Court
1. Distributions in Liquidation -- Complete Liquidation. -- Whether liquidating distributions in 1939 and 1940 were of a series of distributions under a plan of "complete liquidation" inaugurated in December 1938, or were merely parts of an older plan, is a question of fact.
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1. Distributions in Liquidation -- Complete Liquidation. -- Whether liquidating distributions in 1939 and 1940 were of a series of distributions under a plan of "complete liquidation" inaugurated in December 1938, or were merely parts of an older plan, is a question of fact. The evidence does not show error in the Commissioner's determination that they were a part of an older plan and, therefore, taxable as short term capital gains rather than as long term capital gains under section 115 (c), I. R. C. 2. Income -- Returnable on Annual Basis in Year of Receipt Despite Later Adjustment. -- A…
1Opinion of the Court
OPINION.
MtjRdock, Judge'.
The Commissioner determined deficiencies in income tax as follows:
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Henry Mills died after the petition was filed and his estate has been substituted as petitioner.
One issue for decision is whether the Commissioner erred in taxing distributions received by the petitioners in both taxable years from C. E. Mills Oil Co. as short term capital gains under section 115 (c) of the Internal Revenue Code, instead of as long term capital gains from distributions in “complete liquidation” under that provision. The only other issue is whether the Commissioner erred in…
2Cases cited4 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
3Cited by19 opinions
- Stein v. CommissionerUnited States Tax Court · 1956
- Schneider v. CommissionerUnited States Tax Court · 1975
- Pittman v. CommissionerUnited States Tax Court · 1950
- Miller v. CommissionerUnited States Tax Court · 1964
- Commissioner of Internal Revenue v. Switlik (Four Cases)Court of Appeals for the Third Circuit · 1950
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