Young v. Commissioner
United States Tax Court
Petitioner, a minority stockholder in a close corporation, agreed to the sale of assets of the corporation in 1927 for purposes of liquidation. Stock was surrendered in 1939 by petitioner with reservation rights.
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Petitioner, a minority stockholder in a close corporation, agreed to the sale of assets of the corporation in 1927 for purposes of liquidation. Stock was surrendered in 1939 by petitioner with reservation rights. Action in the nature of an accounting and for distribution of proportionate share of proceeds from sale of assets was brought against the majority stockholder in 1942. Judgment was obtained in 1943 awarding petitioner proportionate distribution of proceeds from sale of assets less amounts previously distributed as liquidating dividends. Held, net amount of judgment award recovered in…
1Opinion of the Court
Sarah A. Young, Petitioner, v. Commissioner of Internal Revenue, Respondent
Young v. Commissioner
Docket No. 27096
United States Tax Court
16 T.C. 1424; 1951 U.S. Tax Ct. LEXIS 132;
June 29, 1951, Promulgated
Decision will be entered under Rule 50.
Petitioner, a minority stockholder in a close corporation, agreed to the sale of assets of the corporation in 1927 for purposes of liquidation. Stock was surrendered in 1939 by petitioner with reservation rights. Action in the nature of an accounting and for distribution of proportionate share of proceeds from sale of assets was brought against the…
2Cases cited1 opinion
- Young v. CommissionerUnited States Tax Court · 1951