Roberts Co. v. Commissioner
United States Tax Court
In each of the taxable years petitioner sold certain properties which it had acquired in 1937 in exchange for its capital stock. The petitioner was created and its stock was issued in order to facilitate the distribution of an estate's assets to decedent's four sons and to certain attorneys.
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In each of the taxable years petitioner sold certain properties which it had acquired in 1937 in exchange for its capital stock. The petitioner was created and its stock was issued in order to facilitate the distribution of an estate's assets to decedent's four sons and to certain attorneys. During the period of the administration of the estate two of the sons had entered into a contingent fee agreement under which the attorneys were to receive 35 percent of whatever was recovered from the estate by the two sons. During this period, also, certain of the sons received advancements from the…
1Opinion of the Court
OPINION.
HaRRON, Judge-.
The controversy in this proceeding arises over the proper basis to he used by petitioner in computing the gain realized by it from the sale of certain properties in each of the taxable years. Respondent has determined that the transaction under which petitioner acquired the properties in 1937 was a nontaxable exchange under section 112 (b) (5) of the Internal Revenue Code, and that, under section 113 (a) (8) of the code, petitioner’s basis is the same as it would have been in the hands of its transferors, which, in the deficiency notice, respondent determined to be $5…
2Cases cited9 opinions
- County of Harris v. CampbellTexas Supreme Court · 1887
- Clark v. GillespieTexas Supreme Court · 1888
- Gulf, Colorado & Santa Fe Railway Co. v. MillerCourt of Appeals of Texas · 1899
- Texas & Pacific Railway Co. v. VaughanCourt of Appeals of Texas · 1897
- Wheeler v. FronhoffCourt of Appeals of Texas · 1925
4 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- James v. CommissionerUnited States Tax Court · 1969
- D. N. Stafford and Flora C. Stafford v. United StatesCourt of Appeals for the Fifth Circuit · 1980
- IDI Management, Inc. v. CommissionerUnited States Tax Court · 1977
- James v. CommissionerUnited States Tax Court · 1969
- O'Connor v. CommissionerUnited States Tax Court · 1957
1 more not listed; retrieve them via the Exa API.