Tower Bldg. Corp. v. Commissioner
United States Tax Court
In 1934 petitioner filed a petition in bankruptcy under section 77B. It later filed a plan of reorganization, which was confirmed by the court "in all respects" in 1935. Under the plan petitioner exchanged all new capital stock for all of its then outstanding first and second mortgage bonds, unsecured indebtedness, and old capital stock. In June 1936 the court approved the final report and final account of the trustee, discharged the trustee, and canceled his bond.
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In 1934 petitioner filed a petition in bankruptcy under section 77B. It later filed a plan of reorganization, which was confirmed by the court "in all respects" in 1935. Under the plan petitioner exchanged all new capital stock for all of its then outstanding first and second mortgage bonds, unsecured indebtedness, and old capital stock. In June 1936 the court approved the final report and final account of the trustee, discharged the trustee, and canceled his bond. On July 12, 1938, the court appointed a special master to make an examination and report on the conduct of certain persons who…
1Opinion of the Court
Tower Building Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Tower Bldg. Corp. v. Commissioner
Docket No. 6397
United States Tax Court
6 T.C. 125; 1946 U.S. Tax Ct. LEXIS 309;
January 25, 1946, Promulgated
Decision of no deficiencies will be entered.
In 1934 petitioner filed a petition in bankruptcy under section 77B. It later filed a plan of reorganization, which was confirmed by the court "in all respects" in 1935. Under the plan petitioner exchanged all new capital stock for all of its then outstanding first and second mortgage bonds, unsecured indebtedness, and old…
2Cases cited4 opinions
- Claridge Apartments Co. v. CommissionerSupreme Court of the United States · 1944
- Alcazar Hotel v. CommissionerUnited States Tax Court · 1943
- Motor Mart Trust v. CommissionerUnited States Tax Court · 1945
- Tower Bldg. Corp. v. CommissionerUnited States Tax Court · 1946