Raybestos-Manhattan, Inc. v. United States

In this case we granted certiorari to review a judgment of the Court of Claims, to settle a doubtful point of federal law, of importance in the administration of the revenue acts, and to resolve a conflict of the decision below with that of the Court of Appeals for the Third Circuit in MacLaughlin v. Westmoreland Coal Co., 73 F. (2d) 1004, affirming 8 F. Supp. 963, on opinion below.

The question presented is whether the issue by petitioner of its shares of stock, to the stockholders of two other corporations in exchange for the assets of those corporations, pursuant to a plan for their…