Frank Ix & Sons Virginia Corp. v. Commissioner
United States Tax Court
During its taxable years ended March 31, 1953 and 1954, the petitioner operated the Cornelius mill at a loss. On September 30, 1953, in a tax-free reorganization, it acquired in exchange for stock the assets of another corporation, owned by the same interests, which had operated the Charlottesville mill at a profit. After the reorganization the petitioner continued to operate the Cornelius mill at a loss until July 22, 1954, when it terminated the operation of that mill.
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During its taxable years ended March 31, 1953 and 1954, the petitioner operated the Cornelius mill at a loss. On September 30, 1953, in a tax-free reorganization, it acquired in exchange for stock the assets of another corporation, owned by the same interests, which had operated the Charlottesville mill at a profit. After the reorganization the petitioner continued to operate the Cornelius mill at a loss until July 22, 1954, when it terminated the operation of that mill. From the time of the reorganization through its taxable years ended March 31, 1957, March 29, 1958, and March 28, 1959, it…
1Opinion of the Court
Frank Ix & Sons Virginia Corporation (N.J.), Petitioner, v. Commissioner of Internal Revenue, Respondent
Frank Ix & Sons Virginia Corp. v. Commissioner
Docket No. 3955-64
United States Tax Court
45 T.C. 533; 1966 U.S. Tax Ct. LEXIS 131;
March 11, 1966, Filed
Decision will be entered under Rule 50.
During its taxable years ended March 31, 1953 and 1954, the petitioner operated the Cornelius mill at a loss. On September 30, 1953, in a tax-free reorganization, it acquired in exchange for stock the assets of another corporation, owned by the same interests, which had operated the Charlottesville mill at…
2Cases cited13 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- J. G. Dudley Company, Incorporated (Formerly Headen Hosiery Mills, Incorporated) v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1962
- Huyler's (Corp.) v. CommissionerUnited States Tax Court · 1962
- J. G. Dudley Co. v. CommissionerUnited States Tax Court · 1961
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