DURAND-MCNEIL-HORNER CO. v. COMMISSIONER
United States Board of Tax Appeals
Where three corporations were consolidated and the new company took over all their assets and going businesses, which were continued by it, for which the new company issued its capital stock to the former stockholders of the old companies in proportion to their respective holdings, the basis for depreciation and for the determination of gain or loss from the sale of capital assets acquired from the old companies is the same as it was while the property involved was owned and…
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Where three corporations were consolidated and the new company took over all their assets and going businesses, which were continued by it, for which the new company issued its capital stock to the former stockholders of the old companies in proportion to their respective holdings, the basis for depreciation and for the determination of gain or loss from the sale of capital assets acquired from the old companies is the same as it was while the property involved was owned and held by them.
1Opinion of the Court
OPINION.
Smith:
These proceedings, consolidated for hearing, involve income tax deficiencies as follows:
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The questions presented by the petitions relate principally to the basis to be used in the computation of gain or loss and in the computation of depreciation allowances on assets acquired from the consolidating corporations. They also allege that the deficiencies are barred by the statute of limitations.
At the hearing of these proceedings a stipulation of facts covering all issues at that time urged upon us by the petitioner was filed. No data are contained in such stipulation…
2Cases cited5 opinions
- Burlington Gazette Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Grain King Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Olean Sand & Gravel Corp. v. CommissionerUnited States Board of Tax Appeals · 1931
- Monarch Elec. & Wire Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- R. H. Perry & Co. v. CommissionerUnited States Board of Tax Appeals · 1928
3Cited by1 opinion
- DURAND-MCNEIL-HORNER CO. v. COMMISSIONERUnited States Board of Tax Appeals · 1934