Flushing Nurseries Co. v. Commissioner
United States Board of Tax Appeals
Petitioner in 1926 acquired all the stock of two other corporations in exchange for its stock. The assets of these corporations were then transferred to petitioner and the stock of these corporations was canceled. Following these transactions, petitioner owned the assets of the two other corporations and its stock was owned by the same persons who had formerly owned the stock of the other corporations.
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Petitioner in 1926 acquired all the stock of two other corporations in exchange for its stock. The assets of these corporations were then transferred to petitioner and the stock of these corporations was canceled. Following these transactions, petitioner owned the assets of the two other corporations and its stock was owned by the same persons who had formerly owned the stock of the other corporations. Held, that the assets of the other corporations were acquired "in connection with a reorganization" under section 204(a)(7) of the Revenue Act of 1926, and the basis for determining the gain…
1Opinion of the Court
FLUSHING NURSERIES COMPANY, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Flushing Nurseries Co. v. Commissioner
Docket No. 42464.
United States Board of Tax Appeals
25 B.T.A. 938; 1932 BTA LEXIS 1455;
March 21, 1932, Promulgated
Petitioner in 1926 acquired all the stock of two other corporations in exchange for its stock. The assets of these corporations were then transferred to petitioner and the stock of these corporations was canceled. Following these transactions, petitioner owned the assets of the two other corporations and its stock was owned by the same persons who had…
2Cases cited2 opinions
- Mente & Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Flushing Nurseries Co. v. CommissionerUnited States Board of Tax Appeals · 1932