Maltine Co. v. Commissioner
United States Tax Court
Petitioner corporation, capitalized at $ 1,000,000, was organized in 1898, and in that year acquired, in exchange for its capital stock, the assets of a then existing corporation, capitalized at $ 100,000, having substantially the same stockholders, but narrower corporate purposes and powers.
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Petitioner corporation, capitalized at $ 1,000,000, was organized in 1898, and in that year acquired, in exchange for its capital stock, the assets of a then existing corporation, capitalized at $ 100,000, having substantially the same stockholders, but narrower corporate purposes and powers. Held, (1) petitioner is entitled to include in its equity invested capital the assets so acquired in an amount equal to its unadjusted basis for determining loss upon a sale or exchange, which basis is cost; (2) that, under the facts, the fair market value of the tangible property so acquired in 1898 was…
1Opinion of the Court
OPINION.
Kern, Judge'.
The petitioner urges that the decision of the Board of Tax Appeals in Maltine Co. v. Commissioner, Docket Nos. 2805 and 3967, promulgated February 18, 1927, and reported at 6 B. T. A. 153, makes the issues involved here res judicata.
The respondent points out that the issues are different, different revenue acts apply, and, specifically, that the basic questions here, whether the intangible assets were acquired within the meaning of the statute so as to be an allowable component of invested capital, and the value of such intangibles, were not raised, litigated, or…
2Cases cited1 opinion
- Bryant v. CommissionerUnited States Tax Court · 1943
3Cited by30 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Fairmont Aluminum Co. v. CommissionerUnited States Tax Court · 1954
- Blackstone Theatre Co. v. CommissionerUnited States Tax Court · 1949
- Reighley v. CommissionerUnited States Tax Court · 1951
- May v. CommissionerUnited States Tax Court · 1961
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