Alcazar Hotel v. Commissioner
United States Tax Court
1. Where transferee of property assumes payment of expenses of reorganization effected under section 77B of the National Bankruptcy Act, held, transaction is not thereby disqualified as a reorganization either under section 112 (g) (1) (B) of the Revenue Act of 1936, as amended by section 213 (g) of the Revenue Act of 1939, or under section 112 (g) (1) (B) of the Internal Revenue Code, as amended by section 213 (b) and (e) of the Revenue Act of 1939. 2. Fact that in…
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1. Where transferee of property assumes payment of expenses of reorganization effected under section 77B of the National Bankruptcy Act, held, transaction is not thereby disqualified as a reorganization either under section 112 (g) (1) (B) of the Revenue Act of 1936, as amended by section 213 (g) of the Revenue Act of 1939, or under section 112 (g) (1) (B) of the Internal Revenue Code, as amended by section 213 (b) and (e) of the Revenue Act of 1939. 2. Fact that in proceeding for reorganization under section 77B of National Bankruptcy Act the creditors acquired all the stock of the debtor…
1Opinion of the Court
OPINION.
Disney, Judge:
We have here to determine the proper basis for depreciation of the petitioner’s hotel buildings and equipment, which, under the provisions of section 114 (a) of the Internal Eevenue Code,1 is the same as the adjusted basis for the determination of gain. Petitioner’s contention is that it acquired the property in a tax-free reorganization, and that its basis is, therefore, the same as that of the Heights Hotel Co., the predecessor corporation. Be-spondent, on the other hand, takes the position that fair market value of the property on June 30, 1936, the date petitioner…
2Cases cited3 opinions
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Claridge Apartments Co. v. CommissionerUnited States Tax Court · 1942
3Cited by18 opinions
- Los Angeles Shipbuilding & Drydock Corporation v. United States of America, United States of America v. Los Angeles Shipbuilding & Drydock CorporationCourt of Appeals for the Ninth Circuit · 1961
- The Columbia Gas System, Inc. v. United StatesCourt of Appeals for the Second Circuit · 1973
- Western Maryland Railway Company v. United StatesDistrict Court, D. Maryland · 1955
- Atlas Oil & Refining Corp. v. CommissionerUnited States Tax Court · 1961
- Motor Mart Trust v. CommissionerUnited States Tax Court · 1945
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