Mittelman v. Commissioner
United States Tax Court
1. Taxpayer in 1940 transferred to X corporation all his stock in that corporation, plus a sum in cash, receiving in exchange therefor all the stock in Y and Z corporations, which had been owned by X. The stock received by X was not retired, but was carried on its books as treasury stock.
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1. Taxpayer in 1940 transferred to X corporation all his stock in that corporation, plus a sum in cash, receiving in exchange therefor all the stock in Y and Z corporations, which had been owned by X. The stock received by X was not retired, but was carried on its books as treasury stock. Held, the transaction was a "sale or exchange" of his stock by the taxpayer and his gain thereon is to be computed under section 117, Internal Revenue Code. 2. Taxpayer's basis for computing gain on the above transaction determined. 3. The contract for the sale of taxpayer's stock provided that, if any…
1Opinion of the Court
Maurice A. Mittelman and Carmyle Mittelman, Petitioners, v. Commissioner of Internal Revenue, Respondent
Mittelman v. Commissioner
Docket No. 1568
United States Tax Court
5 T.C. 932; 1945 U.S. Tax Ct. LEXIS 59;
October 18, 1945, Promulgated
Decision will be entered under Rule 50.
1. Taxpayer in 1940 transferred to X corporation all his stock in that corporation, plus a sum in cash, receiving in exchange therefor all the stock in Y and Z corporations, which had been owned by X. The stock received by X was not retired, but was carried on its books as treasury stock. Held, the transaction was a "sale…
2Cases cited7 opinions
- Helvering v. HorstSupreme Court of the United States · 1940
- Helvering v. EubankSupreme Court of the United States · 1941
- Allport v. CommissionerUnited States Tax Court · 1944
- Britt v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1940
- Amelia H. Cohen Trust v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1941
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