ACCT 320 Taylor 1-51 - Courtney Britt Federal Tax ACCT 320...

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Courtney Britt Federal Tax ACCT 320 Dr. Taylor In the Case CIR v. Court Holding Co. an apartment house, which was the only asset of the respondent corporation, was transferred in the form of a liquidating dividend to the corporation's two shareholders the husband and wife. They conveyed it to a purchaser who had originally negotiated for the purchase from the corporation. The issue is whether the Circuit Court of Appeals properly reversed the Tax Court's conclusion that the corporation was taxable under Section 22 of the Internal Revenue Code for the gain, which happened from the sale. ( FindLaw | Cases and Codes) Before they put the sale into writing the corporation’s lawyer advised them it would cause a huge tax to the corporation. Soon after they declared a liquidating dividend of the corporation. When this happen it deeded the property to the husband and wife as well the lessees of the building for the sale of the property. A $1,000.00 was paid to the corporation, and then it was
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  • Spring '06
  • Unknown
  • The Land, Taxation in the United States, Tax Court, Court Holding Co., Cumberland Public Service Co., cumberland public service

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