Sterner v. Commissioner
United States Tax Court
Held, that North and Stanton, Inc., and Hancock Court Apartments, Inc., were collapsible corporations within the definition of section 117(m) of the 1939 Code, and, therefore, that gains realized by petitioners upon sale of their stock in these corporations were gains attributable to property which is not a capital asset.
1Opinion of the Court
OPINION.
Raum, Judge:
The question to be decided is whether North and Stanton and Hancock Court, or either of them, were collapsible corporations as that term is defined in section 117 (m), I.R.C. 1939.
North and Stanton. — It is stipulated that petitioners agreed to sell their stock in North and Stanton prior to completion of construction. Thus, no question arises as to whether or not the sale was prompted by a “post-construction motive.” Cf. Max Mintz, 32 T.C. 723. Petitioners’ only argument is that the decision to sell their North and Stanton stock was attributable to the disharmony between…
2Cases cited6 opinions
- 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
- J. D. Abbott and Kathryn Abbott v. Commissioner of Internal Revenue, Carl M. Wolfe and Mary E. Wolfe v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1958
- Abbott v. CommissionerUnited States Tax Court · 1957
- Payne v. CommissionerUnited States Tax Court · 1958
- August v. CommissionerUnited States Tax Court · 1958
1 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Farber v. CommissionerUnited States Tax Court · 1961
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- Sproul Realty Co. v. CommissionerUnited States Tax Court · 1962
- Gerber v. CommissionerUnited States Tax Court · 1959
- Spalding v. CommissionerUnited States Tax Court · 1976
9 more not listed; retrieve them via the Exa API.