C. D. Johnson Lumber Corp. v. Commissioner
United States Tax Court
1. A judicial decision that a taxpayer did not acquire a property in the course of a statutory reorganization and is not entitled to use of the predecessor owner's basis, held, not to render the amount of such property's cost to it, which cost the Commissioner had determined and used as basis, res judicata. 2. A taxpayer, having put in issue only its right to use of a predecessor owner's basis of a property in a proceeding decided adversely to it by the Board of Tax Appeals,…
Read the full summary
1. A judicial decision that a taxpayer did not acquire a property in the course of a statutory reorganization and is not entitled to use of the predecessor owner's basis, held, not to render the amount of such property's cost to it, which cost the Commissioner had determined and used as basis, res judicata. 2. A taxpayer, having put in issue only its right to use of a predecessor owner's basis of a property in a proceeding decided adversely to it by the Board of Tax Appeals, held, not collaterally estopped from putting in issue the determined amount of cost to it in attacking depreciation and…
1Opinion of the Court
OPINION.
Johnson, Judge:
Petitioner assails the Commissioner’s computation of depreciation and depletion deductions for the fiscal years 1940 and 1941 by the use of cost bases which reflect the foreclosure bids and contract prices (with some apportioning adjustments) for properties of Pacific which it acquired at the time of organization. It contends that the properties’ cost to it was an over-all price, consisting of cash paid, obligations assumed, and all its own stock issued pursuant to the reorganization plan, and that the stock’s value is determinable by reference to the fair market value…
2Cases cited7 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Cromwell v. County of SacSupreme Court of the United States · 1877
- Southern Pacific Railroad v. United StatesSupreme Court of the United States · 1897
- Mercoid Corp. v. Mid-Continent Investment Co.Supreme Court of the United States · 1944
- Tait v. Western Maryland Railway Co.Supreme Court of the United States · 1933
2 more not listed; retrieve them via the Exa API.
3Cited by61 opinions
- Bixby v. CommissionerUnited States Tax Court · 1972
- Schnitzer v. CommissionerUnited States Tax Court · 1949
- Fairmont Aluminum Co. v. CommissionerUnited States Tax Court · 1954
- Estate of Finder v. CommissionerUnited States Tax Court · 1961
- F. & D. Rentals, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1966
56 more not listed; retrieve them via the Exa API.