Estate of David Wein, Deceased, and Estate of Edith Wein, Deceased, Sidney Wein v. Commissioner of Internal Revenue

Third Circuit

Estate of David Wein, Deceased, and Estate of Edith Wein, Deceased, Sidney Wein v. Commissioner of Internal Revenue

330 F.2d 957, 13 A.F.T.R.2d (RIA) 1207, 1964 U.S. App. LEXIS 5716

CourtCourt of Appeals for the Third Circuit

DecidedApril 14, 1964

Docket14638

StatusPublished

Cited by10 cases

This text of 330 F.2d 957 (Estate of David Wein, Deceased, and Estate of Edith Wein, Deceased, Sidney Wein v. Commissioner of Internal Revenue) is published on Counsel Stack Legal Research, covering Court of Appeals for the Third Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Estate of David Wein, Deceased, and Estate of Edith Wein, Deceased, Sidney Wein v. Commissioner of Internal Revenue, 330 F.2d 957, 13 A.F.T.R.2d (RIA) 1207, 1964 U.S. App. LEXIS 5716 (3d Cir. 1964).

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Opinion

PER CURIAM.

Petitioner’s decedent as sole proprietor conducted a business known as David Wein Textiles. On February 25, 1955, he elected under Section 1361, Internal Revenue Code of 1954, to have that business taxed as a domestic corporation. Corporate income tax returns were filed under the name of David Wein Textiles for the taxable year 1954 and for the taxable period, January 1, 1955 to March 31, 1955. On April 1, 1955, David Wein Textiles ceased doing business in unincorporated form and its assets and liabilities were transferred to David Wein, Inc., a New Jersey corporation. The business was thereafter conducted in actual corporate form and substance. A corporate tax return was filed by the corporation for the fiscal year beginning April 1, 1955 and ending March 31, 1956.

We agree with the sound opinion of Judge Forrester in the Tax Court that the election of the taxpayer to be taxed as a pseudo corporation terminated with the actual incorporation of his business, effected a distribution in complete liquidation of the 1361 corporation and resulted in long term capital gain to David Wein under Section 1361 (Í).

The decision of the Tax Court will be affirmed.

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PER CURIAM.

Petitioner’s decedent as sole proprietor conducted a business known as David Wein Textiles. On February 25, 1955, he elected under Section 1361, Internal Revenue Code of 1954, to have that business taxed as a domestic corporation. Corporate income tax returns were filed under the name of David Wein Textiles for the taxable year 1954 and for the taxable period, January 1, 1955 to March 31, 1955. On April 1, 1955, David Wein Textiles ceased doing business in unincorporated form and its assets and liabilities were transferred to David Wein, Inc., a New Jersey corporation. The business was thereafter conducted in actual corporate form and substance. A corporate tax return was filed by the corporation for the fiscal year beginning April 1, 1955 and ending March 31, 1956.

We agree with the sound opinion of Judge Forrester in the Tax Court that the election of the taxpayer to be taxed as a pseudo corporation terminated with the actual incorporation of his business, effected a distribution in complete liquidation of the 1361 corporation and resulted in long term capital gain to David Wein under Section 1361 (Í).

The decision of the Tax Court will be affirmed.

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330 F.2d 957, 13 A.F.T.R.2d (RIA) 1207, 1964 U.S. App. LEXIS 5716, Counsel Stack Legal Research, https://law.counselstack.com/opinion/estate-of-david-wein-deceased-and-estate-of-edith-wein-deceased-sidney-ca3-1964.

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