Wyman v. Commissioner
United States Tax Court
Capital Gains -- Holding Period. -- In 1948, petitioner sold stock in his family corporation to a friend for $ 5,000 with the understanding that he could buy it back at any time for $ 10,000. Petitioner repurchased the stock in 1951 within 6 months of the date the corporation distributed its assets in complete liquidation. Held: The entire amount received by petitioner in exchange for this stock on liquidation of the corporation is taxable as short-term capital gain.
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Capital Gains -- Holding Period. -- In 1948, petitioner sold stock in his family corporation to a friend for $ 5,000 with the understanding that he could buy it back at any time for $ 10,000. Petitioner repurchased the stock in 1951 within 6 months of the date the corporation distributed its assets in complete liquidation. Held: The entire amount received by petitioner in exchange for this stock on liquidation of the corporation is taxable as short-term capital gain. The distribution in liquidation cannot be allocated partially to the stock and partially to a beneficial interest petitioner…
1Opinion of the Court
Drennen, Judge:
Respondent determined a deficiency in petitioner’s income tax for the year 1951 in the amount of $10,638.32. The only issue is whether petitioner held such an interest in 5,000 shares of stock of Klamath Rasin Pine Mills Corporation for more than 6 months prior to liquidation of that corporation so as to entitle him to long-term capital gains .treatment on the gain he realized on the liquidation of those shares.
FINDINGS OF FACT.
Some of the facts are stipulated and are found as stipulated.
Petitioner, Max H. Wyman, is an individual residing in Seattle, Washington. Petitioner…
2Cases cited11 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Helvering v. San Joaquin Fruit & Investment Co.Supreme Court of the United States · 1936
- McFeely v. CommissionerSupreme Court of the United States · 1935
- Fuller v. OstruskeWashington Supreme Court · 1956
- Weir v. CommissionerUnited States Tax Court · 1948
6 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Hope v. CommissionerUnited States Tax Court · 1971
- Crane v. CommissionerUnited States Tax Court · 1966
- Andrew Crispo Gallery v. CommissionerUnited States Tax Court · 1994
- Crane v. CommissionerUnited States Tax Court · 1966
- Hope v. CommissionerUnited States Tax Court · 1971
2 more not listed; retrieve them via the Exa API.