Braunstein v. Commissioner, 374 U.S. 65 (1963)

Contents:
Author: U.S. Supreme Court

Show Summary

Braunstein v. Commissioner, 374 U.S. 65 (1963)

Braunstein v. Commissioner


No. 476


Argued April 29, 1963
Decided June 10, 1963
374 U.S. 65

CERTIORARI TO THE UNITED STATES COURT OF APPEALS
FOR THE SECOND CIRCUIT

Syllabus

In 1948, three taxpayers received a commitment from the Federal Housing Administration to insure loans for the construction of a multiple-dwelling apartment project. Two corporations were formed to carry out the project, and each of the three taxpayers was issued one-third of the stock in each corporation. After the costs of the construction had been paid, each of the corporations had an unused amount of mortgage loan funds remaining, and, in 1950, the taxpayers sold their stock at a profit, receiving as part of the sale transaction distributions from the corporations which included the unused funds.

Held: Under § 117(m) of the Internal Revenue Code of 1939, the resulting gains to the taxpayers must be treated as ordinary income, instead of long-term capital gains, since the corporations were "collapsible" within the meaning of that section. Pp. 65-73.

305 F.2d 949, affirmed.

Contents:

Related Resources

None available for this document.

Download Options


Title: Braunstein v. Commissioner, 374 U.S. 65 (1963)

Select an option:

*Note: A download may not start for up to 60 seconds.

Email Options


Title: Braunstein v. Commissioner, 374 U.S. 65 (1963)

Select an option:

Email addres:

*Note: It may take up to 60 seconds for for the email to be generated.

Chicago: U.S. Supreme Court, "Syllabus," Braunstein v. Commissioner, 374 U.S. 65 (1963) in 374 U.S. 65 Original Sources, accessed October 4, 2022, http://www.originalsources.com/Document.aspx?DocID=49SQ3FBRSZC3PUD.

MLA: U.S. Supreme Court. "Syllabus." Braunstein v. Commissioner, 374 U.S. 65 (1963), in 374 U.S. 65, Original Sources. 4 Oct. 2022. http://www.originalsources.com/Document.aspx?DocID=49SQ3FBRSZC3PUD.

Harvard: U.S. Supreme Court, 'Syllabus' in Braunstein v. Commissioner, 374 U.S. 65 (1963). cited in 1963, 374 U.S. 65. Original Sources, retrieved 4 October 2022, from http://www.originalsources.com/Document.aspx?DocID=49SQ3FBRSZC3PUD.