Kell v. Commissioner
United States Board of Tax Appeals
1. NONTAXABLE REORGANIZATION. - Where the stockholders of four Texas corporations agreed to dissolve the corporations and convey substantially their entire assets to another corporation in exchange for shares of stock in the transferee corporation the transaction constituted a nontaxable reorganization. 2. CORPORATION - DISSOLUTION. - Under the laws of Texas when a corporation is dissolved, unless a receiver is appointed, the president and directors or managers of it at the…
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1. NONTAXABLE REORGANIZATION. - Where the stockholders of four Texas corporations agreed to dissolve the corporations and convey substantially their entire assets to another corporation in exchange for shares of stock in the transferee corporation the transaction constituted a nontaxable reorganization. 2. CORPORATION - DISSOLUTION. - Under the laws of Texas when a corporation is dissolved, unless a receiver is appointed, the president and directors or managers of it at the time of its dissolution become trustees of the creditors and stockholders of such corporation, with full power to settle…
1Opinion of the Court
*215OPINION.
Adams:
We will consider first the issue common to all of these cases, which is whether or not the reorganization- of the four Texas corporations was a nontaxable reorganization, and whether petitioners received any taxable income therefrom.
Prior to January 2, 1929, there was in existence a group of corporations engaged in the grain and milling business known as the “ Kell Mills.” Four of these were Texas corporations and two were Oklahoma corporations. Their names and locations were: Wichita Mill & Elevator Co., a Texas corporation, Wichita Falls, Texas; Waco Mill & Elevator Co., a…
2Cases cited9 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Universal Battery Co. v. United States and Four Other CasesSupreme Court of the United States · 1930
- Provost v. United StatesSupreme Court of the United States · 1926
- Smith v. CommissionerUnited States Board of Tax Appeals · 1932
- Nace Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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3Cited by6 opinions
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- Clyde Bacon, Inc. v. CommissionerUnited States Tax Court · 1945
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- Clyde Bacon, Inc. v. CommissionerUnited States Tax Court · 1945
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