I. Lewis Corp. v. Commissioner
United States Tax Court
Israel Lewis was sole proprietor of a cigar business. He had acquired numerous brand names, trade-marks, and two patents at nominal cost. In 1910 he transferred his business having an equity of $450,000, exclusive of the above intangibles, to petitioner, a wholly-owned corporation, receiving $600,000 par value of preferred stock for his equity and for certain specific advertising expenses.
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Israel Lewis was sole proprietor of a cigar business. He had acquired numerous brand names, trade-marks, and two patents at nominal cost. In 1910 he transferred his business having an equity of $450,000, exclusive of the above intangibles, to petitioner, a wholly-owned corporation, receiving $600,000 par value of preferred stock for his equity and for certain specific advertising expenses. He also received common stock of an aggregate par value of $2,600,000 purportedly for the trade-marks and brand names. Some of the brand names and trade-marks were abandoned in 1954. Held: 1. The abandoned…
1Opinion of the Court
I. Lewis Corporation (Formerly I. Lewis Cigar Manufacturing Company) v. Commissioner.
I. Lewis Corp. v. Commissioner
Docket No. 73793.
United States Tax Court
T.C. Memo 1963-13; 1963 Tax Ct. Memo LEXIS 330; 22 T.C.M. (CCH) 35; T.C.M. (RIA) 63013;
January 15, 1963
Israel Lewis was sole proprietor of a cigar business. He had acquired numerous brand names, trade-marks, and two patents at nominal cost. In 1910 he transferred his business having an equity of $450,000, exclusive of the above intangibles, to petitioner, a wholly-owned corporation, receiving $600,000 par value of preferred stock for his…
2Cases cited27 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Brown v. HelveringSupreme Court of the United States · 1934
- John Factor v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
- West v. SmithSupreme Court of the United States · 1879
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3Cited by1 opinion
- Niagara Mohawk Power Corp. v. United StatesUnited States Court of Claims · 1975