H. B. Zachry Co. v. Commissioner
United States Tax Court
Held, a carved-out oil payment transferred from petitioner to a subsidiary in exchange for common stock constituted "property" within the meaning of sec. 351(a), I.R.C. 1954. Held, further, this transfer was separate from petitioner's subsequent sale of preferred stock to such subsidiary for cash, and therefore qualified as a nontaxable exchange under sec. 351(a).
1Opinion of the Court
H. B. Zachry Company, Petitioner v. Commissioner of Internal Revenue, Respondent
H. B. Zachry Co. v. Commissioner
Docket No. 903-66
United States Tax Court
49 T.C. 73; 1967 U.S. Tax Ct. LEXIS 23; 27 Oil & Gas Rep. 821;
November 2, 1967, Filed
Decision will be entered under Rule 50.
Held, a carved-out oil payment transferred from petitioner to a subsidiary in exchange for common stock constituted "property" within the meaning of sec. 351(a), I.R.C. 1954. Held, further, this transfer was separate from petitioner's subsequent sale of preferred stock to such subsidiary for cash, and therefore qualified…
2Cases cited18 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Kimbell-Diamond Milling Co. v. Comm'rUnited States Tax Court · 1950
- Kimbell-Diamond Milling Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
- American Bantam Car Co. v. CommissionerUnited States Tax Court · 1948
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