Olean Sand & Gravel Corp. v. Commissioner
United States Board of Tax Appeals
1. The creditors of a bankrupt corporation bought in the property of the bankrupt at a receiver's sale free of all claims and liens.
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1. The creditors of a bankrupt corporation bought in the property of the bankrupt at a receiver's sale free of all claims and liens. Held, that the cost of such property to the creditors is the amount paid at the receiver's sale. 2. The creditors then organized the petitioner corporation and conveyed the property so acquired to it in exchange for its stock; no gain or loss was recognized to them upon this transfer and they were in control of the corporation immediately after the transfer. Held, that under section 204(a)(8) of the Revenue Acts of 1924 and 1926 the basis upon which depletion…
1Opinion of the Court
*327OPINION.
Smith:
At the hearing counsel for the petitioner called attention to the fact that the petitioner corporation had been dissolved and that the petition in Docket hlo. 48190 was verified by the “ Trustee for the stockholders of the Olean Sand & Gravel Company dissolved under date of February 8th, 1929, and as such Trustee is duly authorized to verify the * * * petition.” Such facts do not deprive this Board of jurisdiction; the petition in Docket ZSTo. 41261 was filed prior to dissolution and the petition in Docket hTo. 48190 a few days *328thereafter; the corporate existence of the…
2Cases cited2 opinions
- United States v. LudeySupreme Court of the United States · 1927
- In re HowellCourt of Appeals for the Second Circuit · 1914
3Cited by5 opinions
- O'Connor v. CommissionerUnited States Tax Court · 1967
- Coosa Land Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- DURAND-MCNEIL-HORNER CO. v. COMMISSIONERUnited States Board of Tax Appeals · 1934
- Durand-McNeil-Horner Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Olean Sand & Gravel Corp. v. CommissionerUnited States Board of Tax Appeals · 1931