Gus Russell, Inc. v. Commissioner
United States Tax Court
A transaction precisely within the terms of sec. 351, I.R.C. 1954, results in nonrecognition of gain and a substituted basis for transferred assets under sec. 362, I.R.C. 1954, regardless of the intention of one of the parties thereto.
1Opinion of the Court
Forrester, Judge:
Respondent has determined the following deficiencies in income tax of petitioner:
Fiscal year ending
April SO— Amount
1956 _$12, 481. 69
1957 _ 14,767.19
27,248. 88
The only question remaining before us is the basis of certain assets owned by petitioner; said basis is dependent upon whether said assets were acquired by petitioner in a tax-free exchange under section 351.1
FINDINGS OF FACT.
Some of the facts have been stipulated and are so found.
Gus Russell (hereinafter referred to as Gus) is an individual, who for many years had been engaged in the typesetting and composition…
2Cases cited8 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- United States v. Safety Car Heating & Lighting Co.Supreme Court of the United States · 1936
- Television Industries, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1960
- Television Industries, Inc. v. CommissionerUnited States Tax Court · 1959
- Farwell v. CommissionerUnited States Tax Court · 1960
3 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Burr Oaks Corp. v. CommissionerUnited States Tax Court · 1965
- Yamamoto v. CommissionerUnited States Tax Court · 1980
- Nye v. CommissionerUnited States Tax Court · 1968
- Campbell County State Bank, Inc. v. CommissionerUnited States Tax Court · 1961
- Kamborian v. CommissionerUnited States Tax Court · 1971
14 more not listed; retrieve them via the Exa API.