Harbour Properties, Inc. v. Commissioner
United States Tax Court
Held: The transfers of real estate by Gould and by Hunter, Louis and Rosen to various corporations receiving notes in return, and the conveyances by several of these corporations to other corporations were not sales evidenced by debt obligations but rather were equity contributions controlled by the nonrecognition provisions of sec. 351. Therefore, distributions received by the transferors are taxable as dividends to the extent of the corporate distributors' earnings and…
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Held: The transfers of real estate by Gould and by Hunter, Louis and Rosen to various corporations receiving notes in return, and the conveyances by several of these corporations to other corporations were not sales evidenced by debt obligations but rather were equity contributions controlled by the nonrecognition provisions of sec. 351. Therefore, distributions received by the transferors are taxable as dividends to the extent of the corporate distributors' earnings and profits. Held further: The gain recognized by Gould on the sale of the Clin Clara property to Shore is taxable at capital…
1Opinion of the Court
HARBOUR PROPERTIES, INC., ET AL., 1 Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Harbour Properties, Inc. v. Commissioner
Docket Nos. 4437-68 thru 4455-68
United States Tax Court
T.C. Memo 1973-134; 1973 Tax Ct. Memo LEXIS 149; 32 T.C.M. (CCH) 580; T.C.M. (RIA) 73134;
June 25, 1973, Filed
Held: The transfers of real estate by Gould and by Hunter, Louis and Rosen to various corporations receiving notes in return, and the conveyances by several of these corporations to other corporations were not sales evidenced by debt obligations but rather were equity contributions controlled by the…
2Cases cited91 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Lucas v. EarlSupreme Court of the United States · 1930
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- John Kelley Co. v. CommissionerSupreme Court of the United States · 1946
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