Wilgard Realty Co. v. Commissioner
United States Board of Tax Appeals
On August 6, 1932, certain realty was transferred by W. H. H. Chamberlin to petitioner in return for its entire capital stock and the assumption of mortgages outstanding against the property. Chamberlin immediately transferred approximately three-fourths of the stock as gifts to members of his family.
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On August 6, 1932, certain realty was transferred by W. H. H. Chamberlin to petitioner in return for its entire capital stock and the assumption of mortgages outstanding against the property. Chamberlin immediately transferred approximately three-fourths of the stock as gifts to members of his family. Held, the exchange was within section 112(b)(5) of the Revenue Act of 1932, the gift of the stock to transferor's family being a transaction separate from the exchange, and the basis of the property in petitioner's hands in therefore the basis in Chamberlin's hands, as provided by section…
1Opinion of the Court
*559OPINION.
Akundell :
The issue for decision is whether on the sale of the property described above on February 18, 1937, the petitioner realized gain in the amount of $15,075.02, as determined by respondent, or sustained a capital loss, as claimed' by petitioner, in the sum of $51,-450.04. The difference in these positions springs’ from their opposed vieiws on the method by which the basis of the property in petitioner’s hands is to be determined. The respondent contends that the transfer of the property by Chamberlin on August 6, 1932, in return for more than 80 percent of petitioner’s stock…
2Cases cited3 opinions
- Milliken v. United StatesSupreme Court of the United States · 1931
- United States v. HendlerSupreme Court of the United States · 1938
- MacLaughlin v. Alliance InsuranceSupreme Court of the United States · 1932
3Cited by9 opinions
- Wilgard Realty Co. v. Commissioner of Internal Rev.Court of Appeals for the Second Circuit · 1942
- Easson v. CommissionerUnited States Tax Court · 1960
- Intermountain Lumber Co. & Subsidiaries, etc. v. CommissionerUnited States Tax Court · 1976
- D'Angelo Assoc., Inc. v. CommissionerUnited States Tax Court · 1978
- Easson v. CommissionerUnited States Tax Court · 1960
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