Premier Packing Co. v. Commissioner
United States Board of Tax Appeals
1. ASSETS EXCHANGED FOR STOCK. - Stock received by petitioner in exchange for assets held to have no fair market value in exdess of cost of such assets and consequently no taxable gain to accrue from the transaction. 2. LIMITATION - WAIVER - AUTHORITY TO SIGN. - A waiver executed by the secretary of petitioner corporation, who was also a director, on the facts held to be binding, as its execution was an incident of the adjustment of its income-tax matters, being handled for…
Read the full summary
1. ASSETS EXCHANGED FOR STOCK. - Stock received by petitioner in exchange for assets held to have no fair market value in exdess of cost of such assets and consequently no taxable gain to accrue from the transaction. 2. LIMITATION - WAIVER - AUTHORITY TO SIGN. - A waiver executed by the secretary of petitioner corporation, who was also a director, on the facts held to be binding, as its execution was an incident of the adjustment of its income-tax matters, being handled for the corporation by him, the facts being sufficient to raise the presumption of knowledge, and consequently of…
1Opinion of the Court
*641OPINION.
Trussell:
The petition in this case is signed by R. D. Steele, Will E. Keller and W. V. Ambrose, who were owners of 300 of the 360 outstanding shares of stock of the Premier Packing Corporation at the time that company ceased doing business on March 1, 1918, and were its last duly elected and qualified directors. They made their appeal for the corporation as such stockholders. The deficiency in question is one of the corporation.
By the petition it is alleged that the corporation was never formally dissolved and no trustees were ever appointed to wind up its affairs for which reason the…
2Cases cited2 opinions
- Walter v. DuffyCourt of Appeals for the Third Circuit · 1923
- Billings Credit Men's Ass'n v. BogertCourt of Appeals for the Ninth Circuit · 1924
3Cited by14 opinions
- Condo v. CommissionerUnited States Tax Court · 1977
- Framatome Connectors USA, Inc. v. Comm'rUnited States Tax Court · 2002
- Schick v. CommissionerUnited States Tax Court · 1966
- Condo v. CommissionerUnited States Tax Court · 1977
- Edwards v. CommissionerUnited States Tax Court · 1955
9 more not listed; retrieve them via the Exa API.