White v. Commissioner
United States Board of Tax Appeals
1. Where a corporation, by issuing its own stock and paying cash, acquires a majority of the voting stock of another but less than a majority of the nonvoting stock, the transaction is not a reorganization under the Revenue Act of 1928, and the stockholders do not come within the provisions of that act limiting the recognition of gain or loss. 2. The evidence fails to establish a deposit by the purchasing corporation to complete the purchase prior to November 26, 1929, any…
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1. Where a corporation, by issuing its own stock and paying cash, acquires a majority of the voting stock of another but less than a majority of the nonvoting stock, the transaction is not a reorganization under the Revenue Act of 1928, and the stockholders do not come within the provisions of that act limiting the recognition of gain or loss. 2. The evidence fails to establish a deposit by the purchasing corporation to complete the purchase prior to November 26, 1929, any obligation to make a deposit, or any right in the stockholders to demand payment before that date. Held, there was no…
1Opinion of the Court
OPINION.
AeuNdell : The respondent has determined deficiencies in income for the year 1929 as follows:
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Each of the proceedings raises the issue of whether a transaction whereby the United Gas Improvement Co. acquired stock of the Commonwealth Utilities Corporation was a reorganization which would limit the gain realized by Commonwealth stockholders to the amount of cash received on the exchange. In the event of an adverse holding on that issue, petitioners allege that respondent used the wrong date for valuing the stock received by them.
An additional question in the case of John…
2Cases cited5 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Railroad Co. v. GeorgiaSupreme Court of the United States · 1879
- Powel v. CommissionerUnited States Board of Tax Appeals · 1932
- Lee v. Atlantic Coast Line R.U.S. Circuit Court for the District of South Carolina · 1906
- Tex-Penn Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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