Southland Ice Co. v. Commissioner
United States Tax Court
Assets of insolvent predecessor corporation received by petitioner in exchange for its voting stock and by issuance of its new bonds in substitution for those of predecessor, held to have been acquired in connection with a reorganization under section 112 (g) of the applicable revenue acts, entitling petitioner to predecessor's basis under section 113 (a) (7), notwithstanding that a small minority of nonassenting creditors were paid in cash out of retained funds available as…
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Assets of insolvent predecessor corporation received by petitioner in exchange for its voting stock and by issuance of its new bonds in substitution for those of predecessor, held to have been acquired in connection with a reorganization under section 112 (g) of the applicable revenue acts, entitling petitioner to predecessor's basis under section 113 (a) (7), notwithstanding that a small minority of nonassenting creditors were paid in cash out of retained funds available as a result of operations during receivership of predecessor.
1Opinion of the Court
OPINION.
Opper, Judge'.
The deficiencies here contested are in income, excess profits, and declared value excess profits taxes for the calendar years 1935 to 1941, inclusive, aggregating $90,904.80, as follows:
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Petitioner claims an overpayment of $82,848.28.
The single question common to all years is the proper basis for gain or loss and depreciation of property acquired by petitioner as the result of an equity receivership of an insolvent predecessor.
The facts have been stipulated and are hereby found accordingly.
Petitioner is a Delaware corporation, having its principal office in…
2Cases cited6 opinions
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Claridge Apartments Co. v. CommissionerSupreme Court of the United States · 1944
- Helvering v. Cement Investors, Inc.Supreme Court of the United States · 1942
- Palm Springs Holding Corp. v. CommissionerSupreme Court of the United States · 1942
1 more not listed; retrieve them via the Exa API.
3Cited by25 opinions
- James Armour, Inc. v. CommissionerUnited States Tax Court · 1964
- Moffatt v. CommissionerUnited States Tax Court · 1964
- Howard v. CommissionerUnited States Tax Court · 1955
- Maine Steel, Inc. v. United StatesDistrict Court, D. Maine · 1959
- Roosevelt Hotel Co. v. CommissionerUnited States Tax Court · 1949
20 more not listed; retrieve them via the Exa API.