Cable Co. v. Commissioner
United States Board of Tax Appeals
Lake Cable, Inc., owned certain real property upon which Ohio real estate taxes became a lien in April 1936. After the lien attached directors of Lake Cable, Inc., with the approval of the stockholders, resolved to convey all the corporate assets to the petitioner in return for the assumption of its liabilities and the issuance to it of shares of petitioner's stock, and the resolution was duly carried out by the execution of a deed to the petitioner.
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Lake Cable, Inc., owned certain real property upon which Ohio real estate taxes became a lien in April 1936. After the lien attached directors of Lake Cable, Inc., with the approval of the stockholders, resolved to convey all the corporate assets to the petitioner in return for the assumption of its liabilities and the issuance to it of shares of petitioner's stock, and the resolution was duly carried out by the execution of a deed to the petitioner. The real estate taxes were billed to Lake Cable, Inc., but the petitioner paid them and claims a deduction for taxes paid. Held, on the facts,…
1Opinion of the Court
THE CABLE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Cable Co. v. Commissioner
Docket No. 104646.
United States Board of Tax Appeals
46 B.T.A. 85; 1942 BTA LEXIS 910;
January 15, 1942, Promulgated
Lake Cable, Inc., owned certain real property upon which Ohio real estate taxes became a lien in April 1936. After the lien attached directors of Lake Cable, Inc., with the approval of the stockholders, resolved to convey all the corporate assets to the petitioner in return for the assumption of its liabilities and the issuance to it of shares of petitioner's stock, and the…
2Cases cited1 opinion
- Cable Co. v. CommissionerUnited States Board of Tax Appeals · 1942