Kraft Foods Co. v. Commissioner
United States Tax Court
1. National Dairy, in a lump-sum purchase, acquired the assets and business of Kraft-Phenix Cheese Corporation, an Illinois corporation paying therefor $ 78,338,412.84 in common stock, bonds, and cash, plus the assumption of liabilities of $ 2,801,148.72. Except for a minor portion of the assets not exceeding $ 13,051,179.77 in value or cost, National Dairy immediately thereafter transferred the Kraft assets and business to petitioner, receiving in return 20,000 shares, $…
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1. National Dairy, in a lump-sum purchase, acquired the assets and business of Kraft-Phenix Cheese Corporation, an Illinois corporation paying therefor $ 78,338,412.84 in common stock, bonds, and cash, plus the assumption of liabilities of $ 2,801,148.72. Except for a minor portion of the assets not exceeding $ 13,051,179.77 in value or cost, National Dairy immediately thereafter transferred the Kraft assets and business to petitioner, receiving in return 20,000 shares, $ 2,000,000 par value, of petitioner's stock, which shares were and continued to be all of petitioner's outstanding shares.…
1Opinion of the Court
Kraft Foods Company (Formerly Kraft Cheese Company and Theretofore Kraft-Phenix Cheese Corporation), Petitioner, v. Commissioner of Internal Revenue, Respondent
Kraft Foods Co. v. Commissioner
Docket Nos. 4160, 5574
United States Tax Court
21 T.C. 513; 1954 U.S. Tax Ct. LEXIS 310;
January 25, 1954, Promulgated
Decisions will be entered under Rule 50.
1. National Dairy, in a lump-sum purchase, acquired the assets and business of Kraft-Phenix Cheese Corporation, an Illinois corporation paying therefor $ 78,338,412.84 in common stock, bonds, and cash, plus the assumption of liabilities of $…
Also in this document: Concurrence.
2Cases cited23 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Higgins v. SmithSupreme Court of the United States · 1940
- Dobson v. CommissionerSupreme Court of the United States · 1944
- John Kelley Co. v. CommissionerSupreme Court of the United States · 1946
- Patterson v. KentuckySupreme Court of the United States · 1879
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