Alaska Consolidated Canneries, Inc. v. United States

The facts in this case are stipulated by the parties, and may briefly be stated as follows:

Plaintiff was incorporated in March, 1925, with an authorized capital stock of $2,000,000. It had no assets, and was not engaged in business prior to June 1, 1925. On that date plaintiff acquired certain salmon-canning plants of the value of $2,000,000, in payment of the total authorized issue of 20,000 shares of the stock in plaintiff company. On July 24, 1925, plaintiff filed its capital-stock tax return for the taxable period July 1,1925, to June 30; 1926, showing, among other facts, the fair value…