Whitney Realty Co. v. Commissioner

*463OPINION.

Adams:

The principal question raised by these proceedings is whether the conveyance of the assets of the Continental Lumber Co. to Nathan T. Yiger, as trustee, was a transfer of its assets, in complete liquidation of the lumber company, to its stockholders, so that the stockholders sustained a loss based on the difference between the fair market value of the property received and their capital investment. If the law question is decided in favor of the petitioners, a question of fact is presented as to the amount of loss sustained. We have included in our findings the facts relating to…