Burnham v. Commissioner
United States Board of Tax Appeals
The word "securities" in section 112(b)(3), Revenue Act of 1928, which provides that "no gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such corporation or in another corporation a party to the reorganization", includes unsecured, confess-judgment promissory notes of a corporation, due on or before ten years after date, which were…
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The word "securities" in section 112(b)(3), Revenue Act of 1928, which provides that "no gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such corporation or in another corporation a party to the reorganization", includes unsecured, confess-judgment promissory notes of a corporation, due on or before ten years after date, which were received in consideration of loans made to the corporation by the owners of the notes.
1Opinion of the Court
DANIEL H. BURNHAM, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
HUBERT BURNHAM, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Burnham v. Commissioner
Docket Nos. 67330, 68008.
United States Board of Tax Appeals
33 B.T.A. 147; 1935 BTA LEXIS 796;
October 3, 1935, Promulgated
The word "securities" in section 112(b)(3), Revenue Act of 1928, which provides that "no gain or loss shall be recognized if stock or securities in a corporation a party to a reorganization are, in pursuance of the plan of reorganization, exchanged solely for stock or securities in such corporation…
2Cases cited1 opinion
- Burnham v. CommissionerUnited States Board of Tax Appeals · 1935