Muchnic v. Commissioner
United States Board of Tax Appeals
A corporation offered to exchange preferred stock, previously authorized but then unissued, for outstanding common stock. A part of the common stock outstanding was exchanged in accordance with the offer. Held, such exchanges effected a recapitalization of the company constituting a statutory reorganization and are transactions upon which gain or loss is not to be recognized.
1Opinion of the Court
OPINION.
Goodeich:
Respondent determined deficiencies in income tax for the year 1929 against E. E. Hastings in the amount of $18,739.26, and against Clive Hastings in the amount of $14,703.23. During that year these taxpayers were husband and wife, and residents of Atchi-son, Kansas. Clive Hastings has since died and his estate is here represented by petitioner Muchnic, as administrator. In these proceedings, which upon motion were consolidated, there is but one issue, namely, whether exchanges of common stock for preferred stock in the same corporation were transactions upon which gain or…
2Cases cited5 opinions
- Commissioner v. ConnellySupreme Court of the United States · 1949
- Burdick v. CommissionerUnited States Board of Tax Appeals · 1930
- Cortland Specialty Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1930
- Fredericks v. CommissionerUnited States Board of Tax Appeals · 1930
3Cited by6 opinions
- Fifth Ave. Bank v. CommissionerUnited States Board of Tax Appeals · 1934
- Haass v. CommissionerUnited States Board of Tax Appeals · 1934
- Fifth Ave. Bank v. CommissionerUnited States Board of Tax Appeals · 1934
- Fischer v. CommissionerUnited States Board of Tax Appeals · 1942
- Muchnic v. CommissionerUnited States Board of Tax Appeals · 1933
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