Badanes v. Commissioner
United States Tax Court
Held, that a transaction, wherein the principal petitioner exchanged all his holdings of stock in a parent corporation for all the issued and outstanding stock of another corporation which was then a subsidiary of said parent, qualifies for nonrecognition of gain under section 355 of the 1954 Code.
Read the full summary
Held, that a transaction, wherein the principal petitioner exchanged all his holdings of stock in a parent corporation for all the issued and outstanding stock of another corporation which was then a subsidiary of said parent, qualifies for nonrecognition of gain under section 355 of the 1954 Code. Held, further, that petitioner did not receive in the above-mentioned exchange transaction, in addition to the stock, any property which may be regarded as taxable "boot" under section 356(a) of the 1954 Code.
1Opinion of the Court
Pierce, Judge:
The respondent determined a deficiency in petitioners’ income tax for the calendar year 1957, in the amount of $51,062.41.
The issues to be decided are:(1) Whether a transaction, wherein the principal petitioner exchanged all his holdings of stock in a parent corporation for all the issued and outstanding stock of another corporation which was then a subsidiary of said parent corporation, qualifies for nonrecognition of gain under section 355 of the 1954 Code.(2) Whether, in the alternative, if it should be decided that the principal petitioner’s receipt of the stock of the…
2Cases cited2 opinions
- Coady v. CommissionerUnited States Tax Court · 1960
- Kobacker v. CommissionerUnited States Tax Court · 1962
3Cited by20 opinions
- Henry C. Beck Builders, Inc. v. CommissionerUnited States Tax Court · 1964
- Portland Mfg. Co. v. CommissionerUnited States Tax Court · 1971
- Schniers v. CommissionerUnited States Tax Court · 1977
- Burke v. CommissionerUnited States Tax Court · 1964
- W. E. Gabriel Fabrication Co. v. CommissionerUnited States Tax Court · 1964
15 more not listed; retrieve them via the Exa API.