Southern Cal. Rock & Gravel Co. v. Commissioner
United States Board of Tax Appeals
The petitioners exchanged property for stock before Dec. 31, 1920. Held that the basis for computing profit upon sale of the stock is the fair market value of the property exchanged therefor.
1Opinion of the Court
THE SOUTHERN CALIFORNIA ROCK AND GRAVEL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
PACIFIC ROCK AND GRAVEL COMPANY, W. L. HODGES, TRUSTEE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Southern Cal. Rock & Gravel Co. v. Commissioner
Docket Nos. 28776, 30898.
United States Board of Tax Appeals
26 B.T.A. 296; 1932 BTA LEXIS 1328;
June 8, 1932, Promulgated
The petitioners exchanged property for stock before Dec. 31, 1920. Held that the basis for computing profit upon sale of the stock is the fair market value of the property exchanged therefor.
A. Calder Mackay,…
2Cases cited1 opinion
- Southern Cal. Rock & Gravel Co. v. CommissionerUnited States Board of Tax Appeals · 1932