Allyne-Zerk Co. v. Commissioner
United States Board of Tax Appeals
Petitioner sold all its assets for cash and a portion of its own stock then outstanding. Held, that it realized taxable gain on the sale to the extent of the difference between cost of the assets and the amount of cash received plus the value of its own stock surrendered.
1Opinion of the Court
ALLYNE-ZERK COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Allyne-Zerk Co. v. Commissioner
Docket No. 34826.
United States Board of Tax Appeals
29 B.T.A. 1194; 1934 BTA LEXIS 1413;
February 23, 1934, Promulgated
Petitioner sold all its assets for cash and a portion of its own stock then outstanding. Held, that it realized taxable gain on the sale to the extent of the difference between cost of the assets and the amount of cash received plus the value of its own stock surrendered.
John H. Watson, Jr., Esq., for the petitioner.
Arthur H. Fast, Esq., for the respondent.
ARUNDELL
OPIN…
2Cases cited1 opinion
- Allyne-Zerk Co. v. CommissionerUnited States Board of Tax Appeals · 1934