Western Industries Co. v. Commissioner
United States Board of Tax Appeals
The petitioner transferred not more than 85 percent of its properties to a newly formed corporation for cash, most of which was immediately distributed to its stockholders, notes, and preference and common stock. The petitioner continued to exist as a going concern and to hold the stock without any change in its stockholders. Held, that no reorganization occurred within the meaning of section 203 of the Revenue Act of 1926.
1Opinion of the Court
WESTERN INDUSTRIES COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Western Industries Co. v. Commissioner
Docket No. 42794.
United States Board of Tax Appeals
30 B.T.A. 809; 1934 BTA LEXIS 1257;
May 31, 1934, Promulgated
The petitioner transferred not more than 85 percent of its properties to a newly formed corporation for cash, most of which was immediately distributed to its stockholders, notes, and preference and common stock. The petitioner continued to exist as a going concern and to hold the stock without any change in its stockholders. Held, that no reorganization…
2Cases cited1 opinion
- Western Industries Co. v. CommissionerUnited States Board of Tax Appeals · 1934