Legal Opinion
Britt v. Commissioner of Internal Revenue
Court of Appeals for the Fourth Circuit
Decided August 14, 1940No. 4632PublishedCited by 19 opinions
1Opinion of the Court
SOPER, Circuit Judge.
In order to decide this case, we must determine the basis for computing the gain realized by the taxpayer in 1934 from the redemption of 72 shares of preferred stock of United Carbon Company at $110 per share. The taxpayer acquired the stock in 1925 in the course of a liquidation distribution of the assets of the Liberty Carbon Company, of which he was a stockholder. In the latter year, the Liberty Carbon Company and a number of other corporations, engaged in the manufacture of carbon black, transferred their assets to the United Carbon Company, the inventories for cash…
2Cases cited5 opinions
- LeTulle v. ScofieldSupreme Court of the United States · 1940
- Helvering v. Minnesota Tea Co.Supreme Court of the United States · 1935
- John A. Nelson Co. v. HelveringSupreme Court of the United States · 1935
- G. & K. Manufacturing Co. v. HelveringSupreme Court of the United States · 1935
- United Carbon Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1937
3Cited by19 opinions
- Jefferson v. CommissionerUnited States Tax Court · 1968
- Moffatt v. CommissionerUnited States Tax Court · 1964
- Bard-Parker Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1955
- Amelia H. Cohen Trust v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1941
- Morgan Mfg. Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1941
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