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not suffer a personal injury for purposes of section 104(a)(2).
We decline petitioner’s invitation to find a personal injury in
this case because it had only one shareholder. In opting to
incorporate, petitioner assumed both the benefits and burdens of
the corporate form, and the Court will not ignore that form under
the facts herein.4 Moline Properties, Inc. v. Commissioner,
319 U.S. 436 (1943).
We have considered all arguments made by petitioner for a
contrary holding and, to the extent not discussed above, have
found them to be without merit. To reflect the foregoing,
An appropriate order
and decision will be entered.
4 We are mindful of Castner Garage, Ltd. v. Commissioner,
43 B.T.A. 1 (1940), in which the Board ruled that a similar
revenue provision allowed the corporate taxpayers to exclude from
their gross income insurance payments which were received on
account of the sickness of an individual, who was their president
and majority shareholder. We distinguish the Castner case from
the one at hand. The payments in the Castner case were received
by corporations on account of sickness suffered by an individual.
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