Western Massachusetts Theatres, Inc. v. Commissioner
United States Tax Court
Held, transaction by which petitioner acquired certain properties here in dispute was not one to which the nonrecognition provisions of section 112 (b) (10) of the Internal Revenue Code of 1939 apply so as to give the same basis to such property in petitioner's hand as it had in the transferor's hands pursuant to section 113 (a) (22) of the 1939 Code.
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The sole question here presented involves the basis properly to be ascribed to the G. B. properties in the hands of petitioner for depreciation and invested capital purposes. Specifically, the parties are at issue with respect to whether the transaction by which such properties were acquired was one to which the nonrecognition provisions of section 112 (b) (10) of the Internal Revenue Code of 1939 4 apply so as to make petitioner’s basis therefor the same as it would be in the hands of Olympia pursuant to section 113 (a) (22) of the 1939 Code.5
In 1933, Olympia was in…
2Cases cited12 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Bazley v. CommissionerSupreme Court of the United States · 1947
- Helvering v. Cement Investors, Inc.Supreme Court of the United States · 1942
- Mascot Stove Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1941
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3Cited by1 opinion
- Western Massachusetts Theatres, Inc. v. CommissionerUnited States Tax Court · 1955