Gokey Properties, Inc. v. Commissioner
United States Tax Court
In 1938 seven owners of Gokey Properties, each of whom possessed a one-eighth interest therein, decided to buy out the owner of the remaining one-eighth interest and to incorporate their real estate holdings. All eight owners transferred their property interests to petitioner corporation.
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In 1938 seven owners of Gokey Properties, each of whom possessed a one-eighth interest therein, decided to buy out the owner of the remaining one-eighth interest and to incorporate their real estate holdings. All eight owners transferred their property interests to petitioner corporation. In exchange therefor petitioner issued an aggregate of 140 shares of common stock without par value and unsecured registered gold bonds with a total face value of $ 400,000. Each of the seven continuing owners received 20 shares of common stock and a $ 50,000 registered gold bond. The other $ 50,000 bond was…
1Opinion of the Court
Gokey Properties, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Gokey Properties, Inc. v. Commissioner
Docket No. 65577
United States Tax Court
34 T.C. 829; 1960 U.S. Tax Ct. LEXIS 95;
August 12, 1960, Filed
Decision will be entered for the respondent.
In 1938 seven owners of Gokey Properties, each of whom possessed a one-eighth interest therein, decided to buy out the owner of the remaining one-eighth interest and to incorporate their real estate holdings. All eight owners transferred their property interests to petitioner corporation. In exchange therefor petitioner issued an…
2Cases cited9 opinions
- Old Colony Railroad v. CommissionerSupreme Court of the United States · 1932
- John Kelley Co. v. CommissionerSupreme Court of the United States · 1946
- Gooding Amusement Co. v. CommissionerUnited States Tax Court · 1954
- Commissioner of Int. Rev. v. Meridian & Thirteenth R. Co.Court of Appeals for the Seventh Circuit · 1942
- 1432 Broadway Corp. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1947
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