Hartman v. Commissioner
United States Tax Court
Two wholly owned corporations were each availed of with a view to distributions of the excess proceeds of FHA-insured mortgages prior to corporate realization of a substantial part of the net income to be derived from the properties so mortgaged, and the fact that said distributions to sole common stockholder were unaccompanied by surrenders of any stock does not operate to take them out of the operation of section 117(m), I.R.C. 1939.
1Opinion of the Court
Forrester, Judge:
The respondent determined deficiencies in income tax for the calendar years 1950 and 1951 in the respective amounts of $40,150.77 and $28,288.62. The sole issue for our determination is whether certain cash distributions made by Second Fair Lawn Corporation and Third Fair Lawn Corporation are taxable to petitioners as ordinary income or as long-term capital gains.
BINDINGS OP PACT.
Some of the facts have been stipulated, are so found, and are incorporated herein by this reference.
Petitioners are husband and wife and reside in New York, New York. They filed joint income tax…
2Cases cited9 opinions
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Raymond G. Burge and Kathleen E. Burge v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1958
- Arthur Glickman Herman Glickman and Ruth Glickman and Aaron Glickmand and Freda Glickman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- Burge v. CommissionerUnited States Tax Court · 1957
- C. D. Spangler and Veva C. Spangler v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
4 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Bornstein v. United StatesUnited States Court of Claims · 1965
- Farber v. CommissionerUnited States Tax Court · 1961
- Halliburton Co. v. CommissionerUnited States Tax Court · 1993
- Sproul Realty Co. v. CommissionerUnited States Tax Court · 1962
- Jesse Hartman and Dorothy S. Hartman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1961
9 more not listed; retrieve them via the Exa API.