Bronson v. Commissioner
United States Tax Court
In 1929 the petitioner entered into a contract with the Bagdad Company to purchase or procure purchasers of 200,000 shares of its stock for $3.50 per share, or $700,000. The contract provided for the cancellation of rights of petitioner and others, (acquired in consideration of the purchase of 600,000 shares under an earlier contract of 1927) to purchase bonds of the Bagdad Company when its mining property was fully developed and to receive, as a bonus for purchasing such…
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In 1929 the petitioner entered into a contract with the Bagdad Company to purchase or procure purchasers of 200,000 shares of its stock for $3.50 per share, or $700,000. The contract provided for the cancellation of rights of petitioner and others, (acquired in consideration of the purchase of 600,000 shares under an earlier contract of 1927) to purchase bonds of the Bagdad Company when its mining property was fully developed and to receive, as a bonus for purchasing such bonds, 2,200,000 shares of its stock. The petitioner received 300,000 shares out of the 2,200,000 shares upon furnishing…
1Opinion of the Court
Edmond B. Bronson v. Commissioner.
Bronson v. Commissioner
Docket No. 3346.
United States Tax Court
1948 Tax Ct. Memo LEXIS 152; 7 T.C.M. (CCH) 415; T.C.M. (RIA) 48124;
June 28, 1948
In 1929 the petitioner entered into a contract with the Bagdad Company to purchase or procure purchasers of 200,000 shares of its stock for $3.50 per share, or $700,000. The contract provided for the cancellation of rights of petitioner and others, (acquired in consideration of the purchase of 600,000 shares under an earlier contract of 1927) to purchase bonds of the Bagdad Company when its mining property was fully…
2Cases cited13 opinions
- R. H. Stearns Co. v. United StatesSupreme Court of the United States · 1934
- L. Schepp Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Cohen v. CommissionerUnited States Tax Court · 1947
- Kellett v. CommissionerUnited States Tax Court · 1945
- KERBAUCH v. COMMISSIONERUnited States Board of Tax Appeals · 1934
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