Frisch, E. Roger and Marie L.... Frontier Savings & Loan Association. .... Frontier Savings Association and Subsidiaries Gefen, Sidney J. and Lois I..... Gerling International Insurance Co...... Glass, Barry S. and Shirley P., et al. (consolidated cases are listed in Appendix A on pages 1181-1202).... Groetzinger, Robert S. and Beverly L.. Grossman, Jerome A. and Sybil G.. Gulf Oil Corp.... Gulf Oil Corp... Gulf Oil Corp.... H.K. Porter Co. and Subsidiaries... Haley Brothers Construction Corp.... Haley, Francis J., Estate and Bonnie J., Individually and Executrix Haley, John W., Estate and Mary A.. Harvey, Melba L., Jr. Helba, James, Jr ... ... Page 305 653 847 759 759 759 1329 874 34 1046 814 814 116 1039 605 747 838 665 665 1471 679 1087 533 1329 135 324 548 689 498 498 498 874 983 624 698 926 435 1417 876 905 297 734 794 874 1285 1213 56 Page 698 Levin, Bernard A. and Phyllis. 794 Linwood Cementery Association, an Iowa Nonprofit Corporation... 1314 Little, John Russell, Estate 599 Maxwell, Larry S. and Vickey L.. 783 Mearkle, Russell R. and Virginia R... 527 Michael, Glen E. and Sybil H 905 1412 251 1206 926 759 463 1309 779 349 575 935 869 874 874 297 869 689 874 643 794 1016 1255 609 349 874 759 168 49 ..... Michaels, John Albert and Rebecca Hooper "Miss Elizabeth" D. Leckie Scholarship Fund.. Morley, E. Dean and Merry ... Mukerji, Aditya B. and Swati, et al. Mullikin, Kathryn A......... Munford, Inc...... Murphree, Terence H. and Mary V Nielsen, Melvin C. and Gwen.... Northern Trust Co., Transferee and Trustee... Osborne, Robert P. and Carol A.... Ownby, David G. and Kathleen. Pearlstein, Philip Plume, David S., et al., Coexecutors Porter, H. K., Inc. and Subsidaries Puri, Pritpal S..... Ramirez, Alvaro. Reich, Stephen G. and Shyla . Reis, Bernard J., Estate Roszkos, Louis E. and Vivian L .... Schad, Mark G.. Simon, Arthur L., et al., Transferees and Trustees.. Slater, Seymour M.... Snyder, Howard M. and Virginia South End Italian Independent Club, Inc. Stamos, Theodoros .. Stanley Works and Subsidiaries Stockade Cafe, Inc...... Symington, James W. and Sylvia S. Takahashi, Harry H. and Gloria J.... Thrall, Larry B. and Beverly W Threlkeld, James E.... Tokarski, John J Tomerlin Trust, Transferee.. Transpec Drilling Venture 1982-22, et al Twin Oaks Community, Inc. ... 1279 1451 389 1 892 126 926 1294 74 876 874 1233 164 78 Wedvik, Albert F. and Ida E..... Wenzel, Helmut Willey, Robert H., Jr, Transferee.. Page 1458 759 814 814 830 421 970 REPORTS OF THE UNITED STATES TAX COURT MICHAEL N. CERONE AND HELEN E. CERONE, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT STOCKADE CAFE, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT Filed July 1, 1986. Docket Nos. 1683-80, 1684-80, P and his son were each 50 percent shareholders in C. Because of hostility between father and son, C redeemed all of P's stock therein. After the redemption, P continued to work as an employee of C for several years, but he retained no control over, and was not involved in the management of, the corporation after the redemption. Held, family hostility does not nullify the family attribution rules of sec. 318(a)(1), I.R.C. 1954, in determining whether the redemption satisfies the dividend equivalency test of sec. 302(b)(1), I.R.C. 1954, or the complete redemption test of sec. 302(b)(3), I.R.C. 1954. David Metzger Trust v. Commissioner, 76 T.C. 42 (1981) (Court-reviewed), affd. 693 F.2d 459 (5th Cir. 1982), cert. denied 463 U.S. 1207 (1983), followed. Held, further, under the attribution rules of sec. 318(a)(1)(A)(ii), I.R.C. 1954, P actually and/or constructively owned 100 percent of C's stock both before and after the redemption, and the redemption was thus essentially equivalent to a dividend within the meaning of sec. 302(b)(1), I.R.C. 1954. United States v. Davis, 1 397 U.S. 301, 307 (1970). Held, further: P's position as an David E. Pavel, for the petitioners. Docket No. 1683-80 PARKER, Judge: In these consolidated cases, respondent determined deficiencies in petitioners' Federal income taxes as follows: 1684-80 28696-81 27979-82 Petitioner(s) Michael N. Cerone and Helen E. Cerone Stockade Cafe, Inc. Michael N. Cerone and Helen E. Cerone Dec. 31, 1977 Dec. 31, 1979 After concessions,1 the issues for decision are as follows: 2,726.00 2,934.00 3,195.00 'Petitioner Stockade Cafe, Inc., conceded that its taxable income for its taxable year ending Sept. 30, 1975, should be increased by the amount of $2,278 to reflect that claimed repair expenses in the amount of $2,092 were nondeductible capital expenditures and that claimed repair expenses in the amount of $186 were paid during a prior taxable year. In its petition, the corporate petitioner also alleged that if such claimed repair expenses were nondeductible capital expenditures, then respondent erred by not allowing petitioner an investment credit with respect thereto. Petitioner presented no evidence on this issue, nor did it argue the matter on brief. We need not address this issue because petitioner failed to meet its burden of proof and/or conceded the issue. See Rule 149(b), Tax Court Rules of Practice and Procedure. In the statutory notice for 1974, respondent determined that petitioner Michael N. Cerone constructively received a $25,000 downpayment for his stock in the corporate petitioner during 1974. (Docket No. 1683-80.) In the statutory notice for 1975, respondent took the inconsistent position that petitioner received the payment during 1975. (Docket No. 28696-81.) On brief, respondent concedes that petitioner received the payment during 1975, and has therefore conceded the deficiency for 1974; however docket No. 1683-80 also involves a deficiency for the year 1976 which remains at issue. |
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