Atkins v. Commissioner
United States Board of Tax Appeals
1. Exchange of stock in a Louisiana corporation, a contract to receive royalties, and an interest in an oil lease for cash and bonds of a New York corporation held to have been separate exhanges and not a lump-sum transaction. 2. As the aggregate par value of bonds received was less than that of the stock exchanged therefor, the transaction resulted in neither gain nor loss.
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1. Exchange of stock in a Louisiana corporation, a contract to receive royalties, and an interest in an oil lease for cash and bonds of a New York corporation held to have been separate exhanges and not a lump-sum transaction. 2. As the aggregate par value of bonds received was less than that of the stock exchanged therefor, the transaction resulted in neither gain nor loss. Section 202(b), Revenue Act of 1918. 3. Exchange of contract to receive royalties and an interest in an oil lease for cash and bonds held to result in taxable gain. 4. Deductions claimed for depreciation of equipment used…
1Opinion of the Court
JOHN B. ATKINS, JOSEPH FOSTER ATKINS, ALMA ATKINS, LUCILE ATKINS HAMILTON AND MIRIAM ATKINS DYKES, AS HEIRS OF THE ESTATE OF JOHN B. ATKINS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
ALMA FOSTER ATKINS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Atkins v. Commissioner
Docket Nos. 3377, 15485.
United States Board of Tax Appeals
9 B.T.A. 140; 1927 BTA LEXIS 2648;
November 18, 1927, Promulgated
1. Exchange of stock in a Louisiana corporation, a contract to receive royalties, and an interest in an oil lease for cash and bonds of a New York corporation held to have…
2Cases cited1 opinion
- Atkins v. CommissionerUnited States Board of Tax Appeals · 1927