Ken-Rad Tube & Lamp Corp. v. Commissioner
United States Tax Court
Corporation A owned all outstanding stock of corporation B, which it had organized in October 1941 to engage in the manufacture for profit of transmitting tubes for defense purposes. On June 30, 1943, corporation B transferred, in exchange for its stock, all of its assets to corporation A and was dissolved. The transaction was treated as a nontaxable transfer under section 112 (b) (6), I. R. C. Corporation A on January 2, 1945, sold the assets involved at a profit.
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Corporation A owned all outstanding stock of corporation B, which it had organized in October 1941 to engage in the manufacture for profit of transmitting tubes for defense purposes. On June 30, 1943, corporation B transferred, in exchange for its stock, all of its assets to corporation A and was dissolved. The transaction was treated as a nontaxable transfer under section 112 (b) (6), I. R. C. Corporation A on January 2, 1945, sold the assets involved at a profit. In its returns for 1942 and for the period ended June 30, 1943, corporation B claimed amortization on its emergency facilities on…
1Opinion of the Court
OPINION.
Van Fossan, Judge:
The respondent contends that the petitioner is not entitled to amortization of emergency facilities based upon the shortened period under section 124 (d) (1) of the Internal Revenue Code1 for the reason that such facilities were not owned by either petitioner or its parent corporation as of September 29,1945, the date of the termination of the emergency period as proclaimed by the President of the United States.
It is contended by petitioners that there is nothing in the law or regulations to indicate that the amount of amortization which the statute allows under…
2Cases cited3 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Weiss v. WeinerSupreme Court of the United States · 1929
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
3Cited by9 opinions
- Avco Mfg. Corp. v. CommissionerUnited States Tax Court · 1956
- Joachim v. CommissionerUnited States Tax Court · 1954
- United States v. Milnor Corp.District Court, E.D. Pennsylvania · 1949
- Ambrose v. CommissionerUnited States Tax Court · 1952
- Ambrose v. CommissionerUnited States Tax Court · 1952
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