Gillette Rubber Co. v. Commissioner
United States Board of Tax Appeals
1. Sales of securities, made under restrictive conditions to limited class of purchasers, and where there is no public offering of the securities, do not establish the fair market value thereof. 2. Where fair market value of securities, issued in payment for assets, is not established by record of sales or other evidence, the value of the assets at the basic date is to be treated as the equivalent of the value of the securities, and is to be used as cost basis for computing…
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1. Sales of securities, made under restrictive conditions to limited class of purchasers, and where there is no public offering of the securities, do not establish the fair market value thereof. 2. Where fair market value of securities, issued in payment for assets, is not established by record of sales or other evidence, the value of the assets at the basic date is to be treated as the equivalent of the value of the securities, and is to be used as cost basis for computing depreciation allowances, amortization, and gain or loss upon subsequent sale. 3. Fair market value of assets acquired in…
1Opinion of the Court
GILLETTE RUBBER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Gillette Rubber Co. v. Commissioner
Docket Nos. 43052, 50073.
United States Board of Tax Appeals
31 B.T.A. 483; 1934 BTA LEXIS 1086;
October 31, 1934, Promulgated
1. Sales of securities, made under restrictive conditions to limited class of purchasers, and where there is no public offering of the securities, do not establish the fair market value thereof.
2. Where fair market value of securities, issued in payment for assets, is not established by record of sales or other evidence, the value of the assets at the…
2Cases cited7 opinions
- Wallis Tractor Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Premier Packing Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Stollwerck Chocolate Co. v. CommissionerUnited States Board of Tax Appeals · 1926
- Ziegler v. CommissionerUnited States Board of Tax Appeals · 1924
- John Glackner Realty Corp. v. CommissionerUnited States Board of Tax Appeals · 1928
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