Legal Opinion
United States v. General Geophysical Company
Court of Appeals for the Fifth Circuit
Decided December 7, 1961No. 18530_1PublishedCited by 71 opinions
1Opinion of the Court
WISDOM, Circuit Judge.
February 25, 1954 General Geophysical Company, the taxpayer, transferred certain depreciable assets having a tax basis of $169,290 and a market value of $746,-525 to two of its major stockholders in the redemption of their stock. Later that day the taxpayer reacquired the same assets from the former stockholders in exchange for corporate notes in the amount of $746,525. In its 1954 income tax return the corporation claimed depreciation deductions using as the cost basis the market value of the assets at the time of the transaction.1 The sole quesr; tion this litigation…
2Cases cited14 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. CliffordSupreme Court of the United States · 1940
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
- Estate of H. H. Weinert, Deceased, Jane W. Blumberg, and Hilda B. Weinert v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1961
9 more not listed; retrieve them via the Exa API.
3Cited by71 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- J. E. Davant and Kathryn Davant v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. J. E. Davant and Kathryn DavantCourt of Appeals for the Fifth Circuit · 1966
- South Texas Rice Warehouse Co. v. CommissionerUnited States Tax Court · 1965
- Reef Corporation v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Reef CorporationCourt of Appeals for the Fifth Circuit · 1966
- Waterman Steamship Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1970
66 more not listed; retrieve them via the Exa API.