Burns v. Commissioner
United States Board of Tax Appeals
The stockholders of B agreed with Bassick to sell all of the common stock of B for a stated price payable at their option in cash, or half in cash and half in stock of a new corporation which Bassick and a banking firm proposed to organize to acquire such common stock and part of the stock of C. Bassick organized the new corporation with an authorized common capital stock of 200,000 shares.
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The stockholders of B agreed with Bassick to sell all of the common stock of B for a stated price payable at their option in cash, or half in cash and half in stock of a new corporation which Bassick and a banking firm proposed to organize to acquire such common stock and part of the stock of C. Bassick organized the new corporation with an authorized common capital stock of 200,000 shares. He delivered all of the common stock of B to the new corporation and received 147,500 shares of its common stock and its promissory notes. Several days later the bankers delivered part of the stock of C to…
1Opinion of the Court
OPINION.
MuRdock:
The Commissioner determined deficiencies in income taxes of the respective petitioners for the year 1923 as follows:
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The proceedings have been consolidated. The parties have stipulated most of the facts, although the testimony of several witnesses and certain documentary evidence also were introduced. Some of the issues raised by the pleadings are disposed of by the agreed facts and require no discussion. The principal question remaining for consideration is whether, under the provisions of section 202 of the Eevenue Act of 1921, any gain shall be recognized on an…
2Cases cited17 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Burnet v. WellsSupreme Court of the United States · 1933
- Minnesota Tea Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Blumenthal v. CommissionerUnited States Board of Tax Appeals · 1930
- Lake Charles Naval Stores v. CommissionerUnited States Board of Tax Appeals · 1932
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3Cited by10 opinions
- Intermountain Lumber Co. & Subsidiaries, etc. v. CommissionerUnited States Tax Court · 1976
- Haberman v. CommissionerUnited States Board of Tax Appeals · 1934
- Hall v. CommissionerUnited States Board of Tax Appeals · 1934
- Overland Corp. v. CommissionerUnited States Tax Court · 1964
- Burns v. CommissionerUnited States Board of Tax Appeals · 1934
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