Standard Fuel & Material Co. v. Commissioner
United States Board of Tax Appeals
Held, the Commissioner of Internal Revenue correctly determined the cost base of corporation stock which the petitioner sold in the taxable year.
1Opinion of the Court
OPINION.
Lansdon:
The dispute submitted to us in this appeal relates to income taxes for the fiscal year ended June 30,1928, in the amount of $4,639.66, and arises out of the respondent’s having held that the petitioner derived a taxable gain from the sale of 3,000 shares of the stock of a subsidiary corporation, which it organized and supplied with capital in that period.
The petitioner is a corporation, organized under the laws of Déla - ware, with headquarters at Birmingham, Alabama. On September 27, 1927, it organized the Standard Building & Material Co., hereinafter sometimes referred to as…
2Cases cited4 opinions
- Adams v. Atchison, Topeka & Santa Fé RailroadSupreme Court of Kansas · 1891
- Shellenberger v. PattersonSupreme Court of Pennsylvania · 1895
- Ashley v. QuintardU.S. Circuit Court for the District of Northern Ohio · 1898
- Ayer v. CommissionerUnited States Board of Tax Appeals · 1927
3Cited by2 opinions
- Frank Trust of 1927 v. CommissionerUnited States Board of Tax Appeals · 1941
- Standard Fuel & Material Co. v. CommissionerUnited States Board of Tax Appeals · 1933