Atkins v. Commissioner
United States Board of Tax Appeals
1. Exchange of stock in a Louisiana corporation, a contract to receive royalties, and an interest in an oil lease for cash and bonds of a New York corporation held to have been separate exhanges and not a lump-sum transaction. 2. As the aggregate par value of bonds received was less than that of the stock exchanged therefor, the transaction resulted in neither gain nor loss.
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1. Exchange of stock in a Louisiana corporation, a contract to receive royalties, and an interest in an oil lease for cash and bonds of a New York corporation held to have been separate exhanges and not a lump-sum transaction. 2. As the aggregate par value of bonds received was less than that of the stock exchanged therefor, the transaction resulted in neither gain nor loss. Section 202(b), Revenue Act of 1918. 3. Exchange of contract to receive royalties and an interest in an oil lease for cash and bonds held to result in taxable gain. 4. Deductions claimed for depreciation of equipment used…
1Opinion of the Court
*148OPINION.
Arundell :
Whatever doubt may have existed as to the taxability of a profit made by the exchange of property for property under the circumstances herein has been removed by the decisions in the cases of Marr v. United States, 268 U. S. 536; Cullinan v. Walker, 262 U. S. 134; Appeal of Burge, 4 B. T. A. 732; Appeal of Minal E. Young, Executor, 6 B. T. A. 472; and Reibert v. Commissioner, 7 B. T. A. 1198. The test seems to be whether the taxpayer received in exchange something different from what he theretofore had and there is no doubt that the bonds received by petitioner from the New…
2Cases cited5 opinions
- Marr v. United StatesSupreme Court of the United States · 1925
- Cullinan v. Walker, Collector of Internal RevenueSupreme Court of the United States · 1923
- Rensselaer & S. R. v. IrwinCourt of Appeals for the Second Circuit · 1918
- United States v. Christine Oil & Gas Co.District Court, W.D. Louisiana · 1920
- Pitney v. DuffyDistrict Court, D. New Jersey · 1923
3Cited by12 opinions
- Mittleman v. CommissionerUnited States Tax Court · 1971
- Griffith v. CommissionerUnited States Tax Court · 1980
- Estate of Silverman v. CommissionerUnited States Tax Court · 1992
- Atkins v. CommissionerUnited States Board of Tax Appeals · 1933
- Atkins v. CommissionerUnited States Board of Tax Appeals · 1927
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