Conservative Gas Co. v. Commissioner
United States Board of Tax Appeals
The facts revealing no negotiation of an agreement or commitment to sell part of the assets of a corporation to a third party prior to the transfer of the assets to a trustee for the benefit of stockholders to whom the corporation had declared a liquidating dividend in kind, held that the subsequent sale by the trustee was not a sale by the corporation so as to make the profit thereon taxable to the corporation rather than to the stockholders to whom the proceeds of the sale…
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The facts revealing no negotiation of an agreement or commitment to sell part of the assets of a corporation to a third party prior to the transfer of the assets to a trustee for the benefit of stockholders to whom the corporation had declared a liquidating dividend in kind, held that the subsequent sale by the trustee was not a sale by the corporation so as to make the profit thereon taxable to the corporation rather than to the stockholders to whom the proceeds of the sale were distributed.
1Opinion of the Court
CONSERVATIVE GAS COMPANY, A CORPORATION PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Conservative Gas Co. v. Commissioner
Docket No. 72391.
United States Board of Tax Appeals
30 B.T.A. 552; 1934 BTA LEXIS 1307;
April 27, 1934, Promulgated
The facts revealing no negotiation of an agreement or commitment to sell part of the assets of a corporation to a third party prior to the transfer of the assets to a trustee for the benefit of stockholders to whom the corporation had declared a liquidating dividend in kind, held that the subsequent sale by the trustee was not a sale by the…
2Cases cited1 opinion
- Conservative Gas Co. v. CommissionerUnited States Board of Tax Appeals · 1934