Theodore F. Appleby and Marie W. Appleby v. Commissioner of Internal Revenue
This text of 296 F.2d 925 (Theodore F. Appleby and Marie W. Appleby 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.
Opinion
The decisive fact issue here is whether petitioners have met the “active business” requirement of Section 355 of the Internal Revenue Code of 1954, 26 U.S.C.A. § 355 so as to have the distribution of the stock of the wholly owned subsidiary qualify as a non-taxable distribution. While the Tax Court decision could have gone the other way there is ample evidence in the record to support it; certainly we cannot say that it is clearly wrong.
The decision of the Tax Court, 35 T.C. 755, will be affirmed.
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Cite This Page — Counsel Stack
296 F.2d 925, 9 A.F.T.R.2d (RIA) 372, Counsel Stack Legal Research, https://law.counselstack.com/opinion/theodore-f-appleby-and-marie-w-appleby-v-commissioner-of-internal-ca3-1962.