Dear Publication & Radio, Inc. v. Commissioner
United States Tax Court
Petitioner and another corporation equally owned the stock of a corporation engaged in the publication of a newspaper. Due to the inability of the two interests to agree on policy, the other owner sought and received under a State "deadlock statute" an order to dissolve the corporation. In these circumstances, petitioner and the other owner entered into a competitive bidding agreement, whereby the parties bid upon the stock of each other.
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Petitioner and another corporation equally owned the stock of a corporation engaged in the publication of a newspaper. Due to the inability of the two interests to agree on policy, the other owner sought and received under a State "deadlock statute" an order to dissolve the corporation. In these circumstances, petitioner and the other owner entered into a competitive bidding agreement, whereby the parties bid upon the stock of each other. Petitioner sold its stock to the other owner, being unable or unwilling to outbid it. Held, that the sale of the stock was not an involuntary conversion…
1Opinion of the Court
OPINION.
TURNER, Judge:
In section 112(f) of the Internal Revenue Code of 1939,1 it is provided that “ [i]f property (as a result of its destruction in whole or in part, theft, seizure, or requisition or condemnation or threat or imminence thereof) is compulsorily or involuntarily converted” into money, the gain is not to be recognized to the extent that the amount realized is, within 1 year after the year of conversion or at the close of snch later date as the Secretary may designate, used to acquire property similar or related in service or use to the property converted. And for the purposes…
2Cases cited4 opinions
- Robins v. CommissionerUnited States Board of Tax Appeals · 1929
- Filbin Corp. v. United StatesDistrict Court, E.D. South Carolina · 1920
- Tirrell v. CommissionerUnited States Board of Tax Appeals · 1929
- Benedict v. United StatesDistrict Court, E.D. New York · 1920
3Cited by19 opinions
- Wheeler v. CommissionerUnited States Tax Court · 1972
- Arthur Kurlan and Marilyn Kurlan v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Arthur Kurlan and Marilyn KurlanCourt of Appeals for the Second Circuit · 1965
- Dear Publication & Radio, Inc., a New Jersey Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1960
- American Natural Gas Co. v. United StatesUnited States Court of Claims · 1960
- Dorothy C. Thorpe Glass Mfg. Corp. v. CommissionerUnited States Tax Court · 1968
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