Mullins v. Commissioner
United States Board of Tax Appeals
1. Pursuant to agreements entered into by the principal stockholder of a corporation, having control of all the stock, with the corporation and with investment bankers, a new corporation was organized; the old corporation sold its property and assets to the new corporation for cash and distributed the cash to its stockholders pro rata; the principal stockholder, for himself and other stockholders, pro rata, purchased from the new company common and preferred stock for cash…
Read the full summary
1. Pursuant to agreements entered into by the principal stockholder of a corporation, having control of all the stock, with the corporation and with investment bankers, a new corporation was organized; the old corporation sold its property and assets to the new corporation for cash and distributed the cash to its stockholders pro rata; the principal stockholder, for himself and other stockholders, pro rata, purchased from the new company common and preferred stock for cash and sold the preferred stock at a discount to the bankers for cash; the bankers purchased from the new company common…
1Opinion of the Court
WILLIAM H. MULLINS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Mullins v. Commissioner
Docket No. 13917.
United States Board of Tax Appeals
14 B.T.A. 426; 1928 BTA LEXIS 2976;
November 24, 1928, Promulgated
1. Pursuant to agreements entered into by the principal stockholder of a corporation, having control of all the stock, with the corporation and with investment bankers, a new corporation was organized; the old corporation sold its property and assets to the new corporation for cash and distributed the cash to its stockholders pro rata; the principal stockholder, for himself and…
2Cases cited1 opinion
- Mullins v. CommissionerUnited States Board of Tax Appeals · 1928