Fifth Ave. Bank v. Commissioner
United States Board of Tax Appeals
Petitioner's decedent owned stock in a corporation which exchanged its assets for all the preferred stock in another corporation and a certain amount of common stock in a third corporation, these two kinds of stock being distributed directly to the stockholders of the old corporation, which then dissolved.
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Petitioner's decedent owned stock in a corporation which exchanged its assets for all the preferred stock in another corporation and a certain amount of common stock in a third corporation, these two kinds of stock being distributed directly to the stockholders of the old corporation, which then dissolved. In connection with the transaction a subsidiary of the corporation which issued the common stock agreed to buy all of such stock within 10 days after completion of the exchange. Decedent exercised the option and sold the common stock. Held: (1) The transaction was an exchange of stock for…
1Opinion of the Court
OPINION.
Aeundell:
The respondent has determined a deficiency in decedent’s income tax for the year 1930 in the amount of $6,645.22. The deficiency arises from respondent’s holding that a transaction *946whereby the decedent exchanged stock for stock and a small amount of cash was a transaction taxable in part under the recognition of gain provisions of the Revenue Act of 1928. The facts were stipulated and the stipulation is adopted by reference as our findings of fact. We set forth here only a summary of the facts.
More than two years prior to the transactions hereinafter related petitioner’s…
2Cases cited6 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Ward v. CommissionerUnited States Board of Tax Appeals · 1934
- First Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1930
- J. M. Harrison, Inc. v. CommissionerUnited States Board of Tax Appeals · 1934
- Muchnic v. CommissionerUnited States Board of Tax Appeals · 1933
1 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Husted v. CommissionerUnited States Tax Court · 1967
- International Tel. & Tel. Corp. etc. v. CommissionerUnited States Tax Court · 1981
- McDonald's of Zion, 432, Ill., Inc. v. CommissionerUnited States Tax Court · 1981
- Morrison v. CommissionerUnited States Tax Court · 1972
- Fifth Ave. Bank v. CommissionerUnited States Board of Tax Appeals · 1934
5 more not listed; retrieve them via the Exa API.