American Light & Traction Co. v. Commissioner
United States Board of Tax Appeals
1. GAIN OR LOSS - BASIS. - The necessary continuity of proprietary interest in transferred property was lacking where the transferor received only bonds of transferee, there was no reorganization and no retention of the old basis. 2. ESTOPPEL. - The taxpayer is not estopped to have its taxes for 1930 and 1931 determined in accordance with the statute where the Commissioner, with full knowledge of the facts, failed to collect taxes due for 1928 because he thought an exchange…
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1. GAIN OR LOSS - BASIS. - The necessary continuity of proprietary interest in transferred property was lacking where the transferor received only bonds of transferee, there was no reorganization and no retention of the old basis. 2. ESTOPPEL. - The taxpayer is not estopped to have its taxes for 1930 and 1931 determined in accordance with the statute where the Commissioner, with full knowledge of the facts, failed to collect taxes due for 1928 because he thought an exchange in that year was a reorganization and the gain not recognized.
1Opinion of the Court
AMERICAN LIGHT & TRACTION COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
American Light & Traction Co. v. Commissioner
Docket No. 97234.
United States Board of Tax Appeals
42 B.T.A. 1121; 1940 BTA LEXIS 896;
November 1, 1940, Promulgated
1. GAIN OR LOSS - BASIS. - The necessary continuity of proprietary interest in transferred property was lacking where the transferor received only bonds of transferee, there was no reorganization and no retention of the old basis.
2. ESTOPPEL. - The taxpayer is not estopped to have its taxes for 1930 and 1931 determined in accordance with the…
2Cases cited1 opinion
- American Light & Traction Co. v. CommissionerUnited States Board of Tax Appeals · 1940