American Well & Prospecting Co. v. Commissioner
United States Tax Court
Excess Profits Tax -- Credit Carry-Back -- Discontinuance by Sale -- Sec. 710 (c) (3). -- A corporation, on January 1, 1946, sold all of its assets to a related corporation which assumed all of the seller's obligations and liabilities. The seller ceased to operate a business but remained in existence to cooperate with the purchaser so that the latter might derive the benefit of certain contracts and claims that were unassignable.
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Excess Profits Tax -- Credit Carry-Back -- Discontinuance by Sale -- Sec. 710 (c) (3). -- A corporation, on January 1, 1946, sold all of its assets to a related corporation which assumed all of the seller's obligations and liabilities. The seller ceased to operate a business but remained in existence to cooperate with the purchaser so that the latter might derive the benefit of certain contracts and claims that were unassignable. The seller after 2 years again engaged in business activities, but they were unrelated to its original enterprise. Held, the selling corporation was not entitled to…
1Opinion of the Court
American Well and Prospecting Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
American Well & Prospecting Co. v. Commissioner
Docket No. 42958
United States Tax Court
23 T.C. 503; 1954 U.S. Tax Ct. LEXIS 18;
December 21, 1954, Filed
Decision will be entered for the respondent.
Excess Profits Tax -- Credit Carry-Back -- Discontinuance by Sale -- Sec. 710 (c) (3). -- A corporation, on January 1, 1946, sold all of its assets to a related corporation which assumed all of the seller's obligations and liabilities. The seller ceased to operate a business but remained in existence to…
2Cases cited6 opinions
- Weir Long Leaf Lumber Co. v. CommissionerUnited States Tax Court · 1947
- Wier Long Leaf Lumber Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1949
- Diamond A Cattle Co. v. CommissionerUnited States Tax Court · 1953
- Winter & Co. v. CommissionerUnited States Tax Court · 1949
- Wheeler Insulated Wire Co. v. CommissionerUnited States Tax Court · 1954
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