Berry Petroleum Co. v. Commissioner
United States Tax Court
A1 owned both A2, a wholly owned subsidiary in the oil and gas business, and 80 percent of the stock of N, another corporation in the oil and gas business. P1, also in the oil and gas business, wished to acquire N. As a first step in the acquisition, P1 offered to buy A1's N stock for $ 5 million.
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A1 owned both A2, a wholly owned subsidiary in the oil and gas business, and 80 percent of the stock of N, another corporation in the oil and gas business. P1, also in the oil and gas business, wished to acquire N. As a first step in the acquisition, P1 offered to buy A1's N stock for $ 5 million. At A1's request, so that A1 would not be required, under the Securities Exchange Act of 1934, ch. 404, sec. 16(b), 48 Stat. 881, 896 (current version at 15 U.S.C. sec. 78p(b) (1988)), to disgorge its short-swing profits from sale of its N stock, P1 paid $ 3.8 million for A1's N stock and an…
1Opinion of the Court
BERRY PETROLEUM COMPANY AND SUBSIDIARIES, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Berry Petroleum Co. v. Commissioner
Docket No. 28578-91
United States Tax Court
104 T.C. 584; 1995 U.S. Tax Ct. LEXIS 30; 104 T.C. No. 30;
May 22, 1995, Filed
Decision will be entered under Rule 155.
A1 owned both A2, a wholly owned subsidiary in the oil and gas business, and 80 percent of the stock of N, another corporation in the oil and gas business. P1, also in the oil and gas business, wished to acquire N. As a first step in the acquisition, P1 offered to buy A1's N stock for $ 5 million. At…
2Cases cited96 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Indopco, Inc. v. CommissionerSupreme Court of the United States · 1992
- Aronson v. LewisSupreme Court of Delaware · 1984
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
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