Commissioner v. Roberts
United States Court of Appeals for the Fourth Circuit
203 F.2d 304 (1953)
- Written by Heather Ryfa, JD
Facts
John Roberts (plaintiff) and his brother were partners in a plumbing- and heating-supply business. The assets of the partnership were transferred to a newly created corporation; Roberts owned 1,500 shares, and his brother owned the remaining five hundred shares. Roberts later inherited his brother’s shares, which the corporation redeemed a few months later. Roberts did not report this transaction on his tax return. The commissioner of the Internal Revenue Service (defendant) assessed a deficiency based on the finding that the transaction was a dividend. Roberts appealed the assessment to the United States Tax Court, which found that the transaction was a complete cancellation and redemption of all stock owned by the deceased and thus a partial liquidation rather than a taxable dividend. The commissioner appealed to the United States Court of Appeals for the Fourth Circuit.
Rule of Law
Issue
Holding and Reasoning (Dobie, J.)
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