ESTATE OF LOCKWOOD v. COMMISSIONER

Docket No. 2165-62.

23 T.C.M. 1233 (1964)

T.C. Memo. 1964-205

Estate of Thorval J. Lockwood, Deceased, National Bank of Commerce Trust and Savings Association, Successor to The First Trust Company of Lincoln, Nebraska, Executor, and Mrs. Margaret K. Lockwood v. Commissioner.

United States Tax Court.

Filed August 3, 1964.


Attorney(s) appearing for the Case

Charles E. Wright, Lincoln Bldg., Lincoln, Neb., for the petitioners. Maxel B. Silverberg for the respondent.


Memorandum Findings of Fact and Opinion

TRAIN, Judge:

A deficiency in 1956 income tax of $14,649.84 and an overassessment in 1957 income tax of $609.56 have been determined. Respondent having conceded a depreciation adjustment, the sole issue for decision is whether a distribution of the stock of a newly-organized subsidiary corporation to the stockholders of the parent corporation qualifies as a nontaxable transaction within the provisions of section 355...

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