Morgan v. Commissioner
United States Board of Tax Appeals
The owner of one-fourth of the stock of a corporation desired to acquire his proportionate share of its assets and continue its business, either as an individual or through a corporation, all of the stock of which should be owned by him.
Read the full summary
The owner of one-fourth of the stock of a corporation desired to acquire his proportionate share of its assets and continue its business, either as an individual or through a corporation, all of the stock of which should be owned by him. Realizing that the liquidation or partial liquidation of the corporation would result in the imposition of tax, a series of steps, most of which came within the literal wording of the exchange and reorganization provisions of the statute, were taken. Held: (1) There was but one transaction, the substance of which was an exchange by the taxpayer of his stock…
1Opinion of the Court
ROBERT M. MORGAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Morgan v. Commissioner
Docket No. 87739.
United States Board of Tax Appeals
41 B.T.A. 379; 1940 BTA LEXIS 1198;
February 14, 1940, Promulgated
The owner of one-fourth of the stock of a corporation desired to acquire his proportionate share of its assets and continue its business, either as an individual or through a corporation, all of the stock of which should be owned by him. Realizing that the liquidation or partial liquidation of the corporation would result in the imposition of tax, a series of steps, most of which…
2Cases cited16 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Higgins v. SmithSupreme Court of the United States · 1940
- United States v. PhellisSupreme Court of the United States · 1921
- Griffiths v. CommissionerSupreme Court of the United States · 1939
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
11 more not listed; retrieve them via the Exa API.