Estate of Silverman v. Commissioner
United States Tax Court
Pursuant to a plan of merger, in 1982, P's exchanged their shares of stock in a State-chartered stock savings and loan association for passbook savings accounts and certificates of deposit in the acquiring federally chartered mutual savings and loan association. No part of the principal of the certificates of deposit could be withdrawn for 6 years. Ps did not report the gain realized on the transaction because they considered the merger to be a tax-free reorganization.
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Pursuant to a plan of merger, in 1982, P's exchanged their shares of stock in a State-chartered stock savings and loan association for passbook savings accounts and certificates of deposit in the acquiring federally chartered mutual savings and loan association. No part of the principal of the certificates of deposit could be withdrawn for 6 years. Ps did not report the gain realized on the transaction because they considered the merger to be a tax-free reorganization. In 1985, the U.S. Supreme Court decided Paulsen v. Commissioner,469 U.S. 131 (1985), holding that exchanges of this type did…
1Opinion of the Court
Ruwe, Judge:
Respondent determined a deficiency in petitioners' Federal income taxes for 1982 in the amount of $98,196. The issue for decision is whether petitioners are entitled to use the installment method to report the gain on exchange of their shares of stock in a savings and loan association for savings accounts of another savings and loan association.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found. The stipulation of facts and attached exhibits are incorporated herein by this reference.
Mose Silverman and Rose Silverman were husband and wife. Mose Silverman died…
2Cases cited27 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Rushing v. CommissionerUnited States Tax Court · 1969
- W. B. Rushing v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1971
22 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Shelton v. CommissionerUnited States Tax Court · 1995
- Estate of Silverman v. CommissionerUnited States Tax Court · 1992
- RAYMOND v. COMMISSIONERUnited States Tax Court · 2001
- Shelton v. CommissionerUnited States Tax Court · 1995