Atlas Oil & Refining Corp. v. Commissioner
United States Tax Court
Petitioner corporation was organized to effectuate a court-approved plan of reorganization in a proceeding involving another corporation under chapter X of the Bankruptcy Act. The first mortgage bondholders of the insolvent corporation received similar bonds of petitioner in an amount equaling the principal and interest due.
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Petitioner corporation was organized to effectuate a court-approved plan of reorganization in a proceeding involving another corporation under chapter X of the Bankruptcy Act. The first mortgage bondholders of the insolvent corporation received similar bonds of petitioner in an amount equaling the principal and interest due. The second mortgage bondholders were issued preferred stock of petitioner in the amount of $ 435,000, being the amount of their remaining equity interest. Other creditors were paid by the insolvent corporation, while its stockholders were completely eliminated from any…
1Opinion of the Court
Atlas Oil and Refining Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Atlas Oil & Refining Corp. v. Commissioner
Docket Nos. 78879, 78880
United States Tax Court
36 T.C. 675; 1961 U.S. Tax Ct. LEXIS 111;
July 14, 1961, Filed
Decisions will be entered under Rule 50.
Petitioner corporation was organized to effectuate a court-approved plan of reorganization in a proceeding involving another corporation under chapter X of the Bankruptcy Act. The first mortgage bondholders of the insolvent corporation received similar bonds of petitioner in an amount equaling the principal and…
2Cases cited29 opinions
- Case v. Los Angeles Lumber Products Co.Supreme Court of the United States · 1939
- Northern Pacific Railway Co. v. BoydSupreme Court of the United States · 1913
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Consolidated Rock Products Co. v. Du BoisSupreme Court of the United States · 1941
- Group of Institutional Investors v. Chicago, M., St. P. & P.R. Co., and 9 Other CasesSupreme Court of the United States · 1943
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