Adaskin v. Commissioner
United States Board of Tax Appeals
Taxpayer acquired assets at a cost of $105,000 which on the same day he transferred to a newly organized corporation in exchange for shares of preferred and common stock; later, on the same day, the corporation acquired other assets in exchange for shares of its common stock. Held, that the two transactions were separate.
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Taxpayer acquired assets at a cost of $105,000 which on the same day he transferred to a newly organized corporation in exchange for shares of preferred and common stock; later, on the same day, the corporation acquired other assets in exchange for shares of its common stock. Held, that the two transactions were separate. Held, further, that the evidence does not warrant a finding that the shares of stock received by the taxpayer had a fair market value in excess of the value of the assets transferred to it by the taxpayer, or that the taxpayer derived taxable income from the transaction.
1Opinion of the Court
HERMAN ADASKIN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Adaskin v. Commissioner
Docket No. 9591.
United States Board of Tax Appeals
8 B.T.A. 460; 1927 BTA LEXIS 2853;
October 4, 1927, Promulgated
Taxpayer acquired assets at a cost of $105,000 which on the same day he transferred to a newly organized corporation in exchange for shares of preferred and common stock; later, on the same day, the corporation acquired other assets in exchange for shares of its common stock. Held, that the two transactions were separate. Held, further, that the evidence does not warrant a finding that…
2Cases cited1 opinion
- Adaskin v. CommissionerUnited States Board of Tax Appeals · 1927