Anderson v. Comm'r
United States Tax Court
A, the sole shareholder of corporation D, caused D to distribute to him in November 1978 substantially appreciated stock in a public corporation which was being held as collateral for D's debts to bank B. D's debts were also secured by the continuing guarantee of A. As part of the distribution, B agreed to release the stock from collateral but required that A, in his individual capacity, promise not to sell the stock until the outstanding balance of D's debts had been…
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A, the sole shareholder of corporation D, caused D to distribute to him in November 1978 substantially appreciated stock in a public corporation which was being held as collateral for D's debts to bank B. D's debts were also secured by the continuing guarantee of A. As part of the distribution, B agreed to release the stock from collateral but required that A, in his individual capacity, promise not to sell the stock until the outstanding balance of D's debts had been reduced. D was not liquidated following the distribution. B was given custody of the stock after it was retitled in A's name.…
1Opinion of the Court
Robert O. Anderson and Barbara P. Anderson; the Hondo Company & Subsidiaries, Petitioners v. Commissioner of Internal Revenue, Respondent
Anderson v. Comm'r
Docket No. 5111-85
United States Tax Court
92 T.C. 138; 1989 U.S. Tax Ct. LEXIS 13; 92 T.C. No. 9;
January 26, 1989; As amended January 31, 1989; As amended January 26, 1989 January 26, 1989, Filed
Decision will be entered under Rule 155.
A, the sole shareholder of corporation D, caused D to distribute to him in November 1978 substantially appreciated stock in a public corporation which was being held as collateral for D's debts to bank B. D's…
2Cases cited30 opinions
- Helvering v. CliffordSupreme Court of the United States · 1940
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Burnet v. HarmelSupreme Court of the United States · 1932
- Morgan v. CommissionerSupreme Court of the United States · 1940
- Pacific Gas & Electric Co. v. G. W. Thomas Drayage & Rigging Co.California Supreme Court · 1968
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