Falck v. Commissioner
United States Board of Tax Appeals
Cases involving a similar issue were consolidated for hearing. In all except one case this issue was raised by assignments of error in the petitions. The evidence in those cases does not overcome the presumptive correctness of the Commissioner's determination. In the one case the issue was raised by the Commissioner through affirmative pleadings in his answer.
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Cases involving a similar issue were consolidated for hearing. In all except one case this issue was raised by assignments of error in the petitions. The evidence in those cases does not overcome the presumptive correctness of the Commissioner's determination. In the one case the issue was raised by the Commissioner through affirmative pleadings in his answer. Figures and values presumed to be correct in the other cases, but not proved to be correct, do not aid the Commissioner in this case, which he loses because of failure to prove his case.
1Opinion of the Court
*1363OPINION.
Murdoc-K :
The parties all agree that the exchanges in 1920 and 1923 were in connection with reorganizations of the corporation, and no gain or loss should be deemed to have occurred or should be-recognized. See sections 202 (b) and 202 (c) (2) of the Revenue-Acts of 1918 and 1921, respectively. Section 202 (e) of the latter act does not apply in this case, since the preferred stock was received in, a nontaxable exchange and the subsequent sale was a separate transaction. The stock received in such exchanges must be treated as taking the place of that given for the purpose of computing…
2Cases cited3 opinions
- Brewster v. GageSupreme Court of the United States · 1930
- Burnet v. HoustonSupreme Court of the United States · 1931
- Wickwire v. ReineckeSupreme Court of the United States · 1927
3Cited by12 opinions
- W. M. Ritter Lumber Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Eisendrath v. CommissionerUnited States Board of Tax Appeals · 1933
- Commissioner v. NewburyCourt of Appeals for the Seventh Circuit · 1935
- Newbury v. CommissionerUnited States Board of Tax Appeals · 1934
- Bamberger v. CommissionerUnited States Board of Tax Appeals · 1933
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