Goldstein Bros., Inc. v. Commissioner
United States Tax Court
A corporation filed a petition in voluntary bankruptcy. The stockholders formed the petitioner corporation which purchased for cash from the trustee in bankruptcy the assets of the bankrupt at the public sale. The creditors did not receive full payment on their claims.
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A corporation filed a petition in voluntary bankruptcy. The stockholders formed the petitioner corporation which purchased for cash from the trustee in bankruptcy the assets of the bankrupt at the public sale. The creditors did not receive full payment on their claims. Held, the transaction whereby petitioner acquired the assets was not a reorganization within the meaning of section 112 (b) (10), Internal Revenue Code of 1939, and the petitioner may not use the basis of the assets in the hands of the bankrupt in computing its excess profits credit under the invested capital method.
1Opinion of the Court
Goldstein Brothers, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
Goldstein Bros., Inc. v. Commissioner
Docket No. 50985
United States Tax Court
23 T.C. 1047; 1955 U.S. Tax Ct. LEXIS 221;
March 22, 1955, Filed
Decision will be entered for the respondent.
A corporation filed a petition in voluntary bankruptcy. The stockholders formed the petitioner corporation which purchased for cash from the trustee in bankruptcy the assets of the bankrupt at the public sale. The creditors did not receive full payment on their claims. Held, the transaction whereby petitioner acquired the assets…
2Cases cited8 opinions
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Helvering v. Cement Investors, Inc.Supreme Court of the United States · 1942
- Mascot Stove Co. v. Commissioner of Internal Rev.Court of Appeals for the Sixth Circuit · 1941
- Chicago Stadium Corp. v. CommissionerUnited States Tax Court · 1949
- Templeton's Jewelers, Inc. v. United StatesCourt of Appeals for the Sixth Circuit · 1942
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