C. G. Meaker Co. v. Commissioner
United States Tax Court
Meaker owned capital stock of Ivanhoe and for 16 years had leased certain warehouse premises owned by Ivanhoe. Meaker transferred the stock to Ivanhoe in exchange for a further 10- year lease commencing October 1, 1945. Respondent, in his notices of deficiency, valued the lease to Meaker at $ 45,900 and valued the stock to Ivanhoe at $ 130,000. At the hearing, respondent argued that the value of the lease and the stock were the same, viz., not less than $ 81,000 and not more…
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Meaker owned capital stock of Ivanhoe and for 16 years had leased certain warehouse premises owned by Ivanhoe. Meaker transferred the stock to Ivanhoe in exchange for a further 10- year lease commencing October 1, 1945. Respondent, in his notices of deficiency, valued the lease to Meaker at $ 45,900 and valued the stock to Ivanhoe at $ 130,000. At the hearing, respondent argued that the value of the lease and the stock were the same, viz., not less than $ 81,000 and not more than $ 82,332.27. Held, the value of the lease was $ 81,000 and the value of the stock was $ 62,718. Held, further, the…
1Opinion of the Court
C. G. Meaker Co., Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent. Ivanhoe Foods, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
C. G. Meaker Co. v. Commissioner
Docket Nos. 25290, 25899
United States Tax Court
16 T.C. 1348; 1951 U.S. Tax Ct. LEXIS 161;
June 14, 1951, Promulgated
Decision will be entered under Rule 50.
Meaker owned capital stock of Ivanhoe and for 16 years had leased certain warehouse premises owned by Ivanhoe. Meaker transferred the stock to Ivanhoe in exchange for a further 10- year lease commencing October 1, 1945. Respondent, in his notices…
2Cases cited7 opinions
- Tobey v. BarberNew York Supreme Court · 1809
- Commissioner of Internal Revenue v. SegallCourt of Appeals for the Sixth Circuit · 1940
- Commissioner of Internal Revenue v. LyonCourt of Appeals for the Ninth Circuit · 1938
- Elverson Corporation v. HelveringCourt of Appeals for the Second Circuit · 1941
- Estate of Myers v. CommissionerUnited States Tax Court · 1942
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