Gray v. Commissioner
United States Tax Court
1. Taxable Year 1960. -- The petitioners, who owned the controlling interests in Omark (U.S.) and Omark 1959 (Canadian), caused Omark 1959 to transfer all of its operating assets to a newly formed, wholly owned Canadian subsidiary of Omark; i.e., Omark 1960. In exchange for these assets Omark 1959 received 15,000 shares of Omark 1960 preferred stock, assumption of its liabilities, and cash.
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1. Taxable Year 1960. -- The petitioners, who owned the controlling interests in Omark (U.S.) and Omark 1959 (Canadian), caused Omark 1959 to transfer all of its operating assets to a newly formed, wholly owned Canadian subsidiary of Omark; i.e., Omark 1960. In exchange for these assets Omark 1959 received 15,000 shares of Omark 1960 preferred stock, assumption of its liabilities, and cash. Held, on the facts presented the fair market value of the assets transferred to Omark 1960 by Omark 1959 did not exceed the consideration received in exchange; therefore, the respondent's determination…
1Opinion of the Court
Steehett, Judge:
The respondent in his statutory notices determined deficiencies in the Federal income taxes of the petitioners in amounts and for taxable years as follows:
Docket No. 1960 1961 1962
2376-68. 2377-68-2378-68. 2379-68. 2380-68. 2381-68. 164,786.16 $13,968.68 $1,078,428.30 164,328.41 . 63,471.28 164,329.32. 63,472.17 164,329.32. 63,472.17 164,328.41 . 66,130.64 164,329.32. 63,472.17
At trial the respondent sought leave of the Court to amend his answers in order to conform the pleadings to the proof with respect to the deficiencies in issue. Said amendment was necessitated by the…
2Cases cited21 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
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- Higgins v. SmithSupreme Court of the United States · 1940
- Corliss v. BowersSupreme Court of the United States · 1930
- Griffiths v. CommissionerSupreme Court of the United States · 1939
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