Kamborian v. Commissioner
United States Tax Court
1. Four stockholders of International transferred their stock in Campex to International in return for International's common stock. At the same time a fifth International stockholder purchased additional shares of theretofore unissued International stock for cash.
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1. Four stockholders of International transferred their stock in Campex to International in return for International's common stock. At the same time a fifth International stockholder purchased additional shares of theretofore unissued International stock for cash. Held, in the circumstances of this case, that only the transferors of the Campex stock may be considered as transferors of property for purposes of sec. 351, I.R.C. 1954; that the fifth stockholder may not be so considered; that the control requirement imposed by secs. 351(a) and 368(c), I.R.C. 1954, as interpreted by regs. sec.…
1Opinion of the Court
OPINION
Eatoi, Judge:
1. Exchange of Oampex stock for International stock. — Petitioners contend that the gain they realized on their transfer of Campex stock to International in return for International’s common stock qualifies for nonrecognition under section 351 (a), I.E.C. 1954.2 That section provides for nonrecognition of gain or loss on the transfer of property to a corporation in exchange for the corporation’s stock or securities — if immediately after the exchange the transferor or transferors are “in control” of the corporation. Section 351(a) makes reference to section 368 (c), I.E.C.…
2Cases cited35 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. CorrellSupreme Court of the United States · 1967
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Brewster v. GageSupreme Court of the United States · 1930
30 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Berzon v. CommissionerUnited States Tax Court · 1975
- La Staiti v. CommissionerUnited States Tax Court · 1980
- Sellers v. CommissionerUnited States Tax Court · 1977
- Frank v. CommissionerUnited States Tax Court · 1982
- Berzon v. CommissionerUnited States Tax Court · 1975
7 more not listed; retrieve them via the Exa API.