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Category B Corporations.
Held: The cessation of trade or business provision
of sec. 1.448-1(g)(3)(iii), Income Tax Regs., is a
permissible construction of sec. 448(d)(7)(C)(ii),
I.R.C.
Held further: the entire balance of the sec.
481(a), I.R.C., adjustment attributable to the Category
B Corporations must be included in Ps' income for
taxable year ended 1987.
N. Jerold Cohen, Randolph W. Thrower, J.D. Fleming,
Jr., Walter H. Wingfield, Stephen F. Gertzman, Reginald J. Clark,
Amanda B. Scott, Walter T. Henderson, Jr., William H. Bradley,
and John W. Bonds, Jr., for petitioners in docket No. 10663-91.
N. Jerold Cohen, Randolph W. Thrower, J.D. Fleming, Jr.,
Walter H. Wingfield, Stephen F. Gertzman, Reginald J. Clark,
Amanda B. Scott, Walter T. Henderson, Jr., William H. Bradley,
John W. Bonds, Jr., and Daniel R. McKeithen, for petitioners in
docket No. 13074-91.
N. Jerold Cohen, Walter H. Wingfield, Stephen F. Gertzman,
Amanda B. Scott, Reginald J. Clark, Randolph W. Thrower, Walter
T. Henderson, Jr., and John W. Bonds, Jr., for petitioners in
docket No. 28588-91.
N. Jerold Cohen, Reginald J. Clark, Randolph W. Thrower,
Walter T. Henderson, Jr., and John W. Bonds, Jr., for petitioners
in docket No. 6351-92.
Robert J. Shilliday, Jr., Vallie C. Brooks, and William B.
McCarthy, for respondent.
WELLS, Judge: These cases were consolidated for purposes of
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