Avco Mfg. Corp. v. Commissioner
United States Tax Court
1. Held, the liquidation of Crosley Corporation in the fiscal year ended November 30, 1946, was not a tax-free transaction under section 112 (b) (6), I. R. C. 1939, and the loss sustained by petitioner thereon is recognizable. 2. Held, the transaction by which the assets of Lycoming Manufacturing Corporation were acquired by petitioner and subsequently transferred to Aviation Manufacturing Corporation was not one in which no gain or loss was recognizable under either section…
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1. Held, the liquidation of Crosley Corporation in the fiscal year ended November 30, 1946, was not a tax-free transaction under section 112 (b) (6), I. R. C. 1939, and the loss sustained by petitioner thereon is recognizable. 2. Held, the transaction by which the assets of Lycoming Manufacturing Corporation were acquired by petitioner and subsequently transferred to Aviation Manufacturing Corporation was not one in which no gain or loss was recognizable under either section 112 (g) (1) (C) or section 112 (b) (10) of the 1939 Code. 3. Held, Respondent erred in reducing the amount of loss…
1Opinion of the Court
Van Fossan, Judge:
Respondent determined deficiencies in income and excess profits taxes of petitioner for years and in amounts, as follows:
Fiscal year ended Neceas profits
November 30 Income tom tax
1944_ $682, 786.41
1945_ $122,343.70 _
1946- 1,707, 031.91 '_
1947-- 860,800.89 _—
At the trial of this proceeding, a stipulation of concessions by both parties was filed wherein 12 issues have been resolved. Such concessions will be given effect in the Rule 50 recomputation consequent' hereon. The remaining issuesin controversy are:(1) Whether petitioner sustained a loss in the fiscal year ended…
Also in this document: Dissent.
2Cases cited37 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Gregory v. HelveringSupreme Court of the United States · 1935
- Brown v. HelveringSupreme Court of the United States · 1934
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- Groman v. CommissionerSupreme Court of the United States · 1937
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3Cited by26 opinions
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- Yoc Heating Corp. v. CommissionerUnited States Tax Court · 1973
- National Lead Co. v. CommissionerUnited States Tax Court · 1963
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