Trinity Corp. v. Commissioner
United States Board of Tax Appeals
1. Article 22(a)(16) of Regulations 94, promulgated under the 1936 Act, continuing the administrative interpretation announced in 1934 by T.D. 4430, relating to gain or loss to a corporation in dealings in its own capital stock, is applicable to a transaction made in 1937. 2. The fair market value of shares of its own stock received by petitioner in an exchange of property determined for the purpose of computing gain or loss.
1Opinion of the Court
*1221OPINION.
Disney:
Petitioner’s first contention is that a corporation does not realize taxable gain by a sale of its assets for shares of its own stock. *1222Similar questions under earlier revenue acts have been before this Board and the courts. In Helvering v. Reynolds Tobacco Co., 306 U. S. 110, the Court held that the taxpayer realized no gain under section 22 (a) of the Revenue Act of 1928 upon the sale in 1929 of treasury stock for amounts in excess of cost. The reasoning of the Court was that, as regulations since the 1913 Act had consistently ruled such gain to be free from tax, Congress had,…
2Cases cited7 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Helvering v. Tex-Penn Oil Co.Supreme Court of the United States · 1937
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
- Helvering v. ReynoldsSupreme Court of the United States · 1941
2 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Arc Realty Co. v. CommissionerUnited States Tax Court · 1960
- Arc Realty Co. v. CommissionerUnited States Tax Court · 1960
- Brown Shoe Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Edison Bros. Stores, Inc. v. CommissionerUnited States Board of Tax Appeals · 1941
- New York Stocks, Inc. v. CommissionerUnited States Tax Court · 1943
3 more not listed; retrieve them via the Exa API.