ACF-Brill Motors Co. v. Commissioner
United States Tax Court
1. The transaction involving the exchanges of the shares of stock upon the organization of petitioner's predecessor was tax-free within the meaning of section 203 (b) (4) of the Revenue Act of 1926, and the petitioner's predecessor in 1943 held the stock of corporations X and Y on an other than cost basis as prescribed by Regulations 110, sec. 33.31 (c) (2) (iv) (F). 2. Upon the facts, held, petitioner's predecessor was entitled to accrue and deduct on its 1943 consolidated…
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1. The transaction involving the exchanges of the shares of stock upon the organization of petitioner's predecessor was tax-free within the meaning of section 203 (b) (4) of the Revenue Act of 1926, and the petitioner's predecessor in 1943 held the stock of corporations X and Y on an other than cost basis as prescribed by Regulations 110, sec. 33.31 (c) (2) (iv) (F). 2. Upon the facts, held, petitioner's predecessor was entitled to accrue and deduct on its 1943 consolidated return the amount of $ 17,986.84 for Pennsylvania income and franchise taxes of one of its subsidiaries. 3. Upon the…
1Opinion of the Court
OPINION.
Hill, Judge-.
Issue 1. — The respondent determined that petitioner holds the stock of Hall-Scott and Fageol Ohio with an other than cost basis prescribed by Regulations 110, section 33.31 (c) (2) (iv) (F). Petitioner, on the other hand, takes the position that it holds the stock of those companies on a cost basis and that its invested capital is properly computed according to the method set forth in Regulations 110, section 33.31 (c) (2) (iv) (G). The respondent states that the various step’s involving the formation of petitioner, as described in our findings, meet the statutory tests…
2Cases cited8 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Security Flour Mills Co. v. CommissionerSupreme Court of the United States · 1944
- Dixie Pine Products Co. v. CommissionerSupreme Court of the United States · 1944
- American Bantam Car Co. v. CommissionerUnited States Tax Court · 1948
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3Cited by22 opinions
- King Enterprises, Inc. v. The United StatesUnited States Court of Claims · 1969
- American Wire Fabrics Corp. v. CommissionerUnited States Tax Court · 1951
- Gerald R. Redding and Dorothy M. Redding and Thomas W. Moses and Anne M. Moses v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1980
- H. B. Zachry Co. v. CommissionerUnited States Tax Court · 1967
- Avco Mfg. Corp. v. CommissionerUnited States Tax Court · 1956
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