Joseph D. & Elizabeth M. Dunne - Page 26




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          Ragghianti v. Commissioner, 71 T.C. at 349-350; Pacific Coast               
          Music Jobbers, Inc. v. Commissioner, 55 T.C. at 874.  Some of the           
          factors that we have considered in determining whether a person             
          holds the accouterments of stock ownership for Federal income tax           
          purposes are:                                                               
               (1)  Whether the person has legal title or a contractual               
          right to obtain legal title in the future, Ragghianti v.                    
          Commissioner, supra at 349;                                                 
               (2)  whether the person has the right to receive                       
          consideration from the transferee of the stock, Hook v.                     
          Commissioner, 58 T.C. 267, 275 (1972); Willie v. Commissioner,              
          T.C. Memo. 1991-182;                                                        
               (3)  whether the person enjoys the economic benefits and               
          burdens of being a shareholder, Pacific Coast Music Jobbers, Inc.           
          v. Commissioner, supra at 875-876; Yelencsics v. Commissioner, 74           
          T.C. 1513, 1527 (1980);                                                     
               (4)  whether the person has the power to control the                   
          company, Yelencsics v. Commissioner, supra at 1527; Cepeda v.               
          Commissioner, T.C. Memo. 1994-62, affd. without published opinion           
          56 F.3d 1384 (5th Cir. 1995);                                               
               (5)  whether the person has the right to attend shareholder            
          meetings, Yelencsics v. Commissioner, supra at 1528; Ragghianti             
          v. Commissioner, supra at 350-351;                                          








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