Wood v. Commissioner
United States Board of Tax Appeals
1. A partnership transferred its assets to a new partnership composed of the members of the old firm and another who contributed new capital. Securities of the old firm were transferred to the new firm for the equivalent in cash of their fair market value, which was less than their cost or book value to the old firm.
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1. A partnership transferred its assets to a new partnership composed of the members of the old firm and another who contributed new capital. Securities of the old firm were transferred to the new firm for the equivalent in cash of their fair market value, which was less than their cost or book value to the old firm. The old partnership should deduct the loss on the securities occasioned by the transfer in computing its net income distributable to the old partners. 2. The provision of art. 604, Regulations 74, that, if a partnership, in the case of retirement of a partner or dissolution,…
1Opinion of the Court
OPINION.
MtjRdock :
The following table shows the deficiencies in income tax for the year 1929 as determined by the Commissioner, the names of the petitioners, and the docket numbers:
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There are but two questions for decision and they are common to all of the proceedings. A third issue, raised only in the petition of Willis D. Wood, has been settled by agreement of the parties to abide by the decision of the court in Rogers v. Strong, 72 Fed. (2d) 455; certiorari denied, 293 U. S. 621.
The parties have attempted to state the issues as a part of a stipulation of facts, but the real…
2Cases cited4 opinions
- Clark v. CommissionerUnited States Board of Tax Appeals · 1925
- Blumenthal v. CommissionerUnited States Board of Tax Appeals · 1934
- Esperson v. CommissionerUnited States Board of Tax Appeals · 1928
- Rand Co. v. CommissionerUnited States Board of Tax Appeals · 1933
3Cited by1 opinion
- Wood v. CommissionerUnited States Board of Tax Appeals · 1935