Botz v. Commissioner
United States Board of Tax Appeals
A corporation, after exchanging most of its assets for cash and securities in another corporation on August 1, 1933, "repurchased" and retired, during 1933, 1934, 1935, and 1936, so much of its stock as its assets covered, which resulted in the insolvency of the corporation and its consequent inability to pay its income and excess profits taxes arising from the exchange on August 1, 1933. Held: (1) The reacquisitions of its stock, though in form purchases, constituted, in…
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A corporation, after exchanging most of its assets for cash and securities in another corporation on August 1, 1933, "repurchased" and retired, during 1933, 1934, 1935, and 1936, so much of its stock as its assets covered, which resulted in the insolvency of the corporation and its consequent inability to pay its income and excess profits taxes arising from the exchange on August 1, 1933. Held: (1) The reacquisitions of its stock, though in form purchases, constituted, in fact, a series of distributions in partial liquidation. L. B. Coley,45 B.T.A. 405. (2) The stockholders receiving such…
1Opinion of the Court
OTTO C. BOTZ, TRANSFEREE OF BOTZ PRINTING AND STATIONERY COMPANY, A CORPORATION, PETITIONER, ET AL., 1v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Botz v. Commissioner
Docket Nos. 101439, 101440, 101441, 101442, 101443, 101454, 101455.
United States Board of Tax Appeals
45 B.T.A. 970; 1941 BTA LEXIS 1042;
December 10, 1941, Promulgated
A corporation, after exchanging most of its assets for cash and securities in another corporation on August 1, 1933, "repurchased" and retired, during 1933, 1934, 1935, and 1936, so much of its stock as its assets covered, which resulted in the insolvency of the…
2Cases cited9 opinions
- Blair v. CommissionerSupreme Court of the United States · 1937
- Poe v. SeabornSupreme Court of the United States · 1930
- Freuler v. HelveringSupreme Court of the United States · 1934
- Garcin v. CommissionerUnited States Board of Tax Appeals · 1931
- May v. CommissionerUnited States Board of Tax Appeals · 1936
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