Houston Bros. Co. v. Commissioner
United States Board of Tax Appeals
1. In determining whether the receipt by a corporation of its own stock in exchange for some of its assets may be regarded as the receipt of property within the provisions of the Revenue Act of 1924 for determining gain or loss, and whether the corporation in fact realized any gain, the statute must be so construed that the same standards for its application will be used for losses as well as for gains. 2. Where a corporation in a single transaction, deliberately so…
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1. In determining whether the receipt by a corporation of its own stock in exchange for some of its assets may be regarded as the receipt of property within the provisions of the Revenue Act of 1924 for determining gain or loss, and whether the corporation in fact realized any gain, the statute must be so construed that the same standards for its application will be used for losses as well as for gains. 2. Where a corporation in a single transaction, deliberately so formulated and actually so carried out, acquires shares of its own stock in exchange for some of its assets, the transaction is…
1Opinion of the Court
HOUSTON BROTHERS CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Houston Bros. Co. v. Commissioner
Docket No. 33597.
United States Board of Tax Appeals
21 B.T.A. 804; 1930 BTA LEXIS 1782;
December 19, 1930, Promulgated
1. In determining whether the receipt by a corporation of its own stock in exchange for some of its assets may be regarded as the receipt of property within the provisions of the Revenue Act of 1924 for determining gain or loss, and whether the corporation in fact realized any gain, the statute must be so construed that the same standards for its application will be…
2Cases cited15 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- United States v. PhellisSupreme Court of the United States · 1921
- United States v. IshamSupreme Court of the United States · 1873
- United States v. FlannerySupreme Court of the United States · 1925
- Miles v. Safe Deposit & Trust Co. of BaltimoreSupreme Court of the United States · 1922
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