Haass v. Commissioner
United States Board of Tax Appeals
A corporation and its stockholders agreed upon a plan to procure additional working capital for the corporation, which involved a surrender of 75 percent of outstanding stock by the stockholders, an amendment of the corporate charter to provide for class A and class B stock in place of the old preferred and common, the issuance of 25 percent of new stock for 25 percent of old retained by stockholders, and the purchase of new stock by certain stockholders.
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A corporation and its stockholders agreed upon a plan to procure additional working capital for the corporation, which involved a surrender of 75 percent of outstanding stock by the stockholders, an amendment of the corporate charter to provide for class A and class B stock in place of the old preferred and common, the issuance of 25 percent of new stock for 25 percent of old retained by stockholders, and the purchase of new stock by certain stockholders. Petitioner surrendered 75 percent of his stock and claimed a loss equal to the cost of the stock surrendered. Held, that under the plan as…
1Opinion of the Court
WALTER F. HAASS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Haass v. Commissioner
Docket No. 54818.
United States Board of Tax Appeals
29 B.T.A. 900; 1934 BTA LEXIS 1463;
January 24, 1934, Promulgated
A corporation and its stockholders agreed upon a plan to procure additional working capital for the corporation, which involved a surrender of 75 percent of outstanding stock by the stockholders, an amendment of the corporate charter to provide for class A and class B stock in place of the old preferred and common, the issuance of 25 percent of new stock for 25 percent of old…
2Cases cited1 opinion
- Haass v. CommissionerUnited States Board of Tax Appeals · 1934