Hardwick v. Commissioner
United States Board of Tax Appeals
The petitioners and another owned stock of the T corporation. They organized the A corporation, subscribed for all of its stock, and paid cash therefor anc received stock certificates. They then sold their T stock to A for cash, at a price equal to the current market price on the New York Curb Exchange, which was less than the basis of the stock sold.
Read the full summary
The petitioners and another owned stock of the T corporation. They organized the A corporation, subscribed for all of its stock, and paid cash therefor anc received stock certificates. They then sold their T stock to A for cash, at a price equal to the current market price on the New York Curb Exchange, which was less than the basis of the stock sold. Held, (1) that section 112(b)(5) of the Revenue Act of 1928 does not apply, because there was not a transfer of property (stock) solely in exchange for stock of A, but a sale of stock to A for cash; and (2) that the petitioners were entitled to…
1Opinion of the Court
MARJORY TAYLOR HARDWICK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
ELIZABETH TAYLOR ELY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hardwick v. Commissioner
Docket Nos. 76545, 76546.
United States Board of Tax Appeals
33 B.T.A. 249; 1935 BTA LEXIS 781;
October 22, 1935, Promulgated
The petitioners and another owned stock of the T corporation. They organized the A corporation, subscribed for all of its stock, and paid cash therefor anc received stock certificates. They then sold their T stock to A for cash, at a price equal to the current market price on the New…
2Cases cited8 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Weiss v. StearnSupreme Court of the United States · 1924
- Stewart v. CommissionerUnited States Board of Tax Appeals · 1929
- Fruit Belt Telephone Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Edward Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1934
3 more not listed; retrieve them via the Exa API.