Kimbell-Diamond Milling Co. v. Commissioner of Internal Revenue

The correctness vel non of the challenged deficiencies, determined by the commissioner and approved and adopted by the Tax Court, turns on whether the taxpayer petitioner is right in insisting that assets acquired by it ’by first purchasing the stock of, and then liquidating, Whaley Company should be included in petitioner’s basis at their cost to Whaley or whether the commissioner is right in insisting that they should he included at the cost to petitioner of Whaley’s stock.

The facts are fully reported and the law of the case is correctly and adequately set forth in the opinion and decision…