Arnes v. Commissioner
United States Tax Court
H and W were married and jointly owned 100 percent of M, which owned and operated a McDonald's restaurant. H and W separated. Subsequently, H and W surrendered their jointly held M shares in exchange for separate certificates reflecting equal ownership.
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H and W were married and jointly owned 100 percent of M, which owned and operated a McDonald's restaurant. H and W separated. Subsequently, H and W surrendered their jointly held M shares in exchange for separate certificates reflecting equal ownership. H, W, and McDonald's agreed that M would redeem W's stock, and that H would guarantee M's obligation to pay W. The agreement was part of the property settlement agreement of H and W, which was subsequently incorporated in their divorce decree. W claimed and sued in the District Court for a tax refund on the grounds that gain from the…
1Opinion of the Court
JOHN A. ARNES, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Arnes v. Commissioner
Docket No. 23291-91
United States Tax Court
102 T.C. 522; 1994 U.S. Tax Ct. LEXIS 22; 102 T.C. No. 20;
April 5, 1994, Filed
H and W were married and jointly owned 100 percent of M, which owned and operated a McDonald's restaurant. H and W separated. Subsequently, H and W surrendered their jointly held M shares in exchange for separate certificates reflecting equal ownership. H, W, and McDonald's agreed that M would redeem W's stock, and that H would guarantee M's obligation to pay W. The agreement was…
Also in this document: Concurrence · Parr; Concurrence · Hamblen; Concurrence · Beghe; Concurrence · Chiechi; Dissent · Ruwe; Dissent · Halpern.
2Cases cited39 opinions
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- 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
- Old Colony Trust Co. v. CommissionerSupreme Court of the United States · 1929
- Sundstrand Corp. v. CommissionerUnited States Tax Court · 1992
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