Von Gunten v. Commissioner
United States Board of Tax Appeals
Where stock of one corporation, a party to a reorganization, is exchanged, in pursuance of the plan of reorganization, for stock of another corporation, the cost of the stock thus acquired must be allocated equally to the separate shares acquired. The cost of some particular lot of the old shares may not be allocated to some particular lot of the new shares.
1Opinion of the Court
OPINION.
Murdock:
The Commissioner determined a deficiency in income taxes for the year 1929 in the amount of $2,754.25. The assignment of error is as follows:
In determining- the profit on the sale of corporate stock by the petitioner, the Commissioner erred in the cost basis he adopted, and in denying to petitioner any election respecting- the lots from which said stock should have been deemed to have been sold, or any election to use the average share cost of said stock as the basis for determining said profit.
The stipulated facts may be summarized as follows:
The petitioner is an individual.…
2Cases cited3 opinions
- Stewart v. CommissionerUnited States Board of Tax Appeals · 1929
- Snyder v. CommissionerUnited States Board of Tax Appeals · 1930
- Stryker v. CommissionerUnited States Board of Tax Appeals · 1930
3Cited by12 opinions
- Oliver v. CommissionerUnited States Board of Tax Appeals · 1934
- Fuller v. CommissionerUnited States Board of Tax Appeals · 1934
- Bancitaly Corp. v. CommissionerUnited States Board of Tax Appeals · 1936
- Epstein v. CommissionerUnited States Board of Tax Appeals · 1937
- Fleischmann v. CommissionerUnited States Board of Tax Appeals · 1939
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