Huyler's (Corp.) v. Commissioner
United States Tax Court
Petitioner corporation, during the years 1952 and 1953, experienced substantial changes in its stockownership and in the character of its business -- as the result of a chapter X bankruptcy reorganization. the discontinuance of its former business, and the taking over of a new type of business theretofore operated by another corporation.
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Petitioner corporation, during the years 1952 and 1953, experienced substantial changes in its stockownership and in the character of its business -- as the result of a chapter X bankruptcy reorganization. the discontinuance of its former business, and the taking over of a new type of business theretofore operated by another corporation. Prior to its reorganization it had engaged in the business of manufacturing candy and operating a chain of restaurants; and after such reorganization, it engaged in the business of manufacturing aluminum and other metal products. Held, that petitioner is not…
1Opinion of the Court
Pierce, Judge:
Respondent determined deficiencies in the petitioner’s income taxes for its fiscal years ended June 30, 1956 and 1957, in the amounts of $37,500 and $640,386.77, respectively.
The issues for decision are:(1) Whether a corporation which had in 1952 and 1953 experienced substantial changes in its stockownership and in the character of its business — as the result of a chapter X 'bankruptcy reorganization, the discontinuance of its former business, and the taking over of a new type of business theretofore operated by another corporation— may, under section 172 of the 1954 Code and…
2Cases cited11 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- Helvering v. Metropolitan Edison Co.Supreme Court of the United States · 1939
- Mill Ridge Coal Company v. George D. Patterson, District Director of Internal RevenueCourt of Appeals for the Fifth Circuit · 1959
- Stanton Brewery v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1949
6 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Ach v. CommissionerUnited States Tax Court · 1964
- Humacid Co. v. CommissionerUnited States Tax Court · 1964
- Gallagher v. CommissionerUnited States Tax Court · 1962
- H. F. Ramsey Co. v. CommissionerUnited States Tax Court · 1965
- Frederick Steel Co. v. CommissionerUnited States Tax Court · 1964
23 more not listed; retrieve them via the Exa API.