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COMMISSIONER OF INTERNAL REVENUE v. FINK

No. 86-511.

483 U.S. 89 (1987)

107 S.Ct. 2729

97 L.Ed.2d 74

COMMISSIONER OF INTERNAL REVENUE v. FINK ET AL.

Supreme Court of United States.

Decided June 22, 1987

Attorney(s) appearing for the Case

Alan I. Horowitz argued the cause for petitioner. With him on the briefs were Solicitor General Fried, Assistant Attorney General Olsen, Deputy Solicitor General Lauber, and Jonathan S. Cohen.

Matthew J. Zinn argued the cause for respondents. With him on the brief were Susan H. Serling, J. Walker Johnson, W. Merritt Jones, Jr., and Mark K. Wilson.*

JUSTICE POWELL delivered the opinion of the Court.

The question in this case is whether a dominant shareholder who voluntarily surrenders a portion of his shares to the corporation, but retains control, may immediately deduct from taxable income his basis in the surrendered shares.

I

Respondents Peter and Karla Fink were the principal shareholders of Travco Corporation, a Michigan manufacturer of motor homes. Travco had one class of common stock...

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