Pulfer v. Commissioner
United States Board of Tax Appeals
Petitioner, the owner of 200 shares of stock of the A corporation, entered into an agreement with the B corporation, which already owned 1,220 shares of A corporation's stock, whereby petitioner and two other individuals would exchange 556 shares of A stock for 3,336 shares of B stock. By virtue of the exchange B became owner of all the outstanding stock of A, with the exception of the qualifying shares.
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Petitioner, the owner of 200 shares of stock of the A corporation, entered into an agreement with the B corporation, which already owned 1,220 shares of A corporation's stock, whereby petitioner and two other individuals would exchange 556 shares of A stock for 3,336 shares of B stock. By virtue of the exchange B became owner of all the outstanding stock of A, with the exception of the qualifying shares. No proof was offered to show that B's acquisition of its original holding of 1,220 shares of A stock was solely in exchange for its voting stock. Held, the exchange of petitioner's A…
1Opinion of the Court
*680OPINION.
Van Fossan :
The Board has no jurisdiction of the year 1936, as to which respondent determined an overassessment. Cornelius Cotton Mills, 4 B. T. A. 255. Consequently, the only issue for our consideration is whether or not petitioner realized recognizable gain in the year 1935 upon an exchange of stock.
Petitioner contends that he exchanged his stock in the Dibble Color Co. for stock in Pratt & Lambert, Inc., pursuant to a plan of reorganization, and that no gain is recognizable on the exchange. In the alternative, he contends that even if gain is recognized, the exchange occurred in…
2Cases cited6 opinions
- Burnet v. HarmelSupreme Court of the United States · 1932
- Palmer v. BenderSupreme Court of the United States · 1932
- Weiss v. WeinerSupreme Court of the United States · 1929
- Agar v. OrdaNew York Court of Appeals · 1934
- Agar v. OrdaNew York Supreme Court · 1932
1 more not listed; retrieve them via the Exa API.
3Cited by7 opinions
- Arden S. Heverly and Sophia S. Heverly v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1980
- Eldon S. Chapman v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1980
- Reeves v. CommissionerUnited States Tax Court · 1979
- Pierson v. United StatesDistrict Court, D. Delaware · 1979
- Pulfer v. CommissionerUnited States Board of Tax Appeals · 1941
2 more not listed; retrieve them via the Exa API.