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Business Planning Keyed to Gevurtz
Fireoved v. United States
Citation:
462 F.2d 1281 (1972)Facts
In 1948, Eugene Fireoved incorporated his business forms company, receiving 100 shares of common stock and 65 shares of preferred stock. In 1954-1955, he combined his business with a partnership owned by Edelmayer and Craver. As part of this reorganization, Fireoved received 535 additional shares of preferred stock as a dividend on his common stock, bringing his total preferred holdings to 600 shares. The company had accumulated earnings of over $50,000 at the time. In 1958, Fireoved sold 24 of his 100 common shares to Edelmayer. In 1959, the corporation redeemed 451 of Fireoved’s 600 preferred shares at $105 per share, resulting in proceeds of $47,355. Fireoved reported this as long-term capital gain on his 1959 tax return. The IRS determined that the proceeds should have been reported as ordinary income under Section 306 and assessed a deficiency of $15,337.13, which Fireoved paid but later sought to recover through a refund claim.
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