Legal Opinion
Turnbow v. Commissioner
Supreme Court of the United States
Decided December 18, 1961No. 60PublishedCited by 31 opinions
1Opinion of the CourtJustice Whittaker
This case involves and turns on the proper interpretation and interaction of §§ 112 (g)(1)(B), 112 (b)(3) and 112 (c) (1) of the Internal Revenue Code of 1939. Specifically the question presented is whether, in the absence of a “reorganization,” as that term is defined in § 112 (g)(1)(B) and used in § 112 (b)(3), the gain on an exchange of stock for stock plus cash is to be recognized in full, or, because of the provisions of § 112 (c) (1), is to be recognized only to the extent of the cash.
The facts are simple and undisputed. Petitioner 2 owned all of the 5,000 shares of outstanding stock of…
2Cases cited4 opinions
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Hubert E. Howard v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1956
- Commissioner of Internal Revenue v. Grover D. Turnbow and Ruth H. TurnbowCourt of Appeals for the Ninth Circuit · 1960
- Turnbow v. CommissionerUnited States Tax Court · 1959
3Cited by31 opinions
- J. E. Davant and Kathryn Davant v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. J. E. Davant and Kathryn DavantCourt of Appeals for the Fifth Circuit · 1966
- Professional & Executive Leasing, Inc., an Idaho Corporation, Petitioner v. Commissioner Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1988
- South Texas Rice Warehouse Co. v. CommissionerUnited States Tax Court · 1965
- James Armour, Inc. v. CommissionerUnited States Tax Court · 1964
- Gallagher v. CommissionerUnited States Tax Court · 1962
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