Haas Bldg. Co. v. Commissioner
United States Board of Tax Appeals
Where, subsequent to December 31, 1920, property is transferred to a corporation by an individual in exchange for more than 80 per cent, but less than 100 per cent, of the corporation's capital stock, and under section 203(b)(4) of the Revenue Act of 1924 no gain or loss is recognizable on account of such exchange, section 204(a)(8) of the Revenue Act of 1924 requires that the basis, in determining gain or loss on account of the sale of such property by the corporation,…
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Where, subsequent to December 31, 1920, property is transferred to a corporation by an individual in exchange for more than 80 per cent, but less than 100 per cent, of the corporation's capital stock, and under section 203(b)(4) of the Revenue Act of 1924 no gain or loss is recognizable on account of such exchange, section 204(a)(8) of the Revenue Act of 1924 requires that the basis, in determining gain or loss on account of the sale of such property by the corporation, shall be the same as it would be in the hands of the transferor, and such requirement is not violative of the Constitution…
1Opinion of the Court
*532OPINION.
Seawell :
The parties are agreed that the sole issue for disposition is whether, in determining the profit from the sale by petitioner of certain securities in 1924 and 1925, the basis or starting point should be the cost of such securities to Fannie K. Haas, the party by whom these securities (or those for which they were exchanged) were transferred to petitioner, or whether it should be their cost to petitioner. As indicated by the foregoing statement and by our findings, we are here concerned only with property received by petitioner from Fannie K. Haas in a transaction by which…
2Cases cited2 opinions
- United States v. PhellisSupreme Court of the United States · 1921
- Taft v. BowersSupreme Court of the United States · 1929
3Cited by6 opinions
- Barnett Anchor Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Edward Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1935
- Faris v. CommissionerUnited States Board of Tax Appeals · 1932
- Haas Bldg. Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Schweitzer & Conrad, Inc. v. CommissionerUnited States Board of Tax Appeals · 1940
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