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Business Planning Keyed to Gevurtz
James v. Commissioner
Citation:
53 T.C. 63 (1969)Facts
William James, a builder and real estate developer, entered into an agreement with the Talbots to promote and construct an apartment project. The agreement provided that upon completion, they would form a corporation with voting stock distributed equally between James and the Talbots. The Talbots would contribute land, while James would be responsible for planning, architectural work, construction, and obtaining financing. James secured FHA and mortgage commitments for the project. On November 5, 1963, Chicora Apartments, Inc. was formed with 20 shares of stock – 10 issued to the Talbots for contributing land valued at $44,000, and 10 issued to James for what the corporate minutes described as his transfer of FHA and mortgage commitments, contracts for architectural and construction services, and the use of his finances and credit. Neither the Jameses nor the Talbots reported any income from the receipt of stock, claiming the transactions were tax-free under Section 351.
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