Thurber v. Commissioner of Internal Revenue

I dissent from the majority opinion in this case. The two banks, it is true, started out with a plan which might have complied with the definition of a reorganization under section 112 (i) (1) (A) (all references are to the 1928 Act), but which, by reason of the federal statutes requiring a new issue of capital stock of a national bank to be paid for in cash, was changed to a sale and purchase of a part of the as*819sets of a state bank without acquiring its capital stock.

Under the new plan the same partial liquidation of the assets of the Savings Bank was had; but, instead of an exchange of…