Weaver v. Commissioner
United States Tax Court
1. Held, that two corporations of which the petitioners were shareholders were collapsible corporations within the meaning of section 117(m) of the Internal Revenue Code of 1939, and that gain derived by the petitioners upon the redemption of some of their stock is to be considered as gain from the sale or exchange of property which is not a capital asset.
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1. Held, that two corporations of which the petitioners were shareholders were collapsible corporations within the meaning of section 117(m) of the Internal Revenue Code of 1939, and that gain derived by the petitioners upon the redemption of some of their stock is to be considered as gain from the sale or exchange of property which is not a capital asset. R. A. Bryan, 32 T.C. 104, followed. 2. The petitioner used his personal funds and proceeds of loans upon which he was personally liable for the acquisition of land and construction of houses thereon. After completion of construction he…
1Opinion of the Court
Atkins, Judge:
Respondent determined deficiencies in income tax of tbe petitioners in the amounts of $127,841.68 and $195,226.67 for tbe years 1951 and 1953, respectively.
Tbe issues are whether redemptions in 1951 and 1953 of class B stock by Bragg Development Company and Bragg Investment Company in tbe years 1951 and 1953 resulted in ordinary income to the petitioner-shareholders, pursuant to the provisions of section 117 (m) of the Internal Revenue Code of 1939, and whether the petitioner W. H. Weaver realized income under section 22(a) or section 112(k) in 1953 in the amount of $157,798.04…
2Cases cited7 opinions
- Crane v. CommissionerSupreme Court of the United States · 1947
- United States v. HendlerSupreme Court of the United States · 1938
- Bryan v. CommissionerUnited States Tax Court · 1959
- Gross v. CommissionerUnited States Tax Court · 1955
- Commissioner of Internal Revenue v. George M. Gross and Anna Gross, (And Ten Other Consolidated Petitions for Review)Court of Appeals for the Second Circuit · 1956
2 more not listed; retrieve them via the Exa API.
3Cited by22 opinions
- R. A. Bryan and Ruby M. Bryan, C. B. McNairy and Rowena A. McNairy W. H. Weaver and Edith H. Weaver v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- Deyoe v. CommissionerUnited States Tax Court · 1976
- Spangler v. CommissionerUnited States Tax Court · 1959
- Easson v. CommissionerUnited States Tax Court · 1960
- Easson v. CommissionerCourt of Appeals for the Ninth Circuit · 1961
17 more not listed; retrieve them via the Exa API.