Worcester Salt Co. v. Commissioner
United States Board of Tax Appeals
The sale to an outsider at par during affiliation by one affiliated corporation of the bonds of another issued to it during affiliation in exchange for its assets of depreciated cost greater than the par value of the bonds thus received held to result in no deductible loss.
1Opinion of the Court
WORCESTER SALT COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Worcester Salt Co. v. Commissioner
Docket No. 60271.
United States Board of Tax Appeals
29 B.T.A. 526; 1933 BTA LEXIS 928;
December 12, 1933, Promulgated
The sale to an outsider at par during affiliation by one affiliated corporation of the bonds of another issued to it during affiliation in exchange for its assets of depreciated cost greater than the par value of the bonds thus received held to result in no deductible loss.
Laurence Graves, Esq., for the petitioner.
J. M. Leinenkugel, Esq., for the respondent.
STERNHA…
2Cases cited1 opinion
- Worcester Salt Co. v. CommissionerUnited States Board of Tax Appeals · 1933