West Shore Fuel, Inc. v. United States

598 F.2d 1236 (1979)

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West Shore Fuel, Inc. v. United States

United States Court of Appeals for the Second Circuit
598 F.2d 1236 (1979)

KS

Facts

West Shore Fuel, Inc. (West Shore) (plaintiff0 owned shares in American Steamship Company (Old American). Old American was acquired by Oswego Steamship Corporation. New American was the surviving corporation. In consideration for the sale, Old American shareholders received cash and a promissory note of New American stock. The transaction took the form of a merger under state law, with New American purchasing the stock that West Shore owned in Old American. After the sale, West Shore filed its income taxes and attempted to limit its tax liability by concluding that the Old American transaction qualified for installment-basis tax treatment. The Commissioner of Internal Revenue (the commissioner) (defendant) disallowed the treatment of the income from the transaction on an installment basis, arguing that the merger should be treated as a taxable-asset sale. West Shore and another individual involved in the transaction sued the commissioner for a refund of taxes. The district court dismissed West Shore’s suit. West Shore appealed.

Rule of Law

Issue

Holding and Reasoning (Oakes, J.)

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