Case v. Commissioner
United States Board of Tax Appeals
1. In 1928, pursuant to contract between stockholders, A corporation was divided by the formation of B corporation, and transfer to B, in return for its stock, of a part of the assets of A proportionate to the stock of petitioner, stockholder therein, who exchanged his stock in A for the stock of B. The assets of A were largely divided between A and B in 1928, but final adjustment was not made and actual change of stock did not take place until 1931. Held: (1) There was no…
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1. In 1928, pursuant to contract between stockholders, A corporation was divided by the formation of B corporation, and transfer to B, in return for its stock, of a part of the assets of A proportionate to the stock of petitioner, stockholder therein, who exchanged his stock in A for the stock of B. The assets of A were largely divided between A and B in 1928, but final adjustment was not made and actual change of stock did not take place until 1931. Held: (1) There was no reorganization within the meaning of section 112(i)(1)(B) of the Revenue Act of 1928, since the object of the contract…
1Opinion of the Court
*369OPINION.
Disnex:(1) The petitioner contends first that the transaction resulted in nonrecognizable gain or loss within the meaning of section 112 (i) (1) (B) and section 112 (b) (3) of the Kevenue Act of 1928. The former defines the term reorganization as “a transfer by a corporation of all or a part of its assets to another corporation if immediately after the transfer the transferor or its stockholders or both are in control of the corporation to which the assets are transferred.” The latter provides for nonrecognition of gain or loss “if stock or securities in a corporation a party to a…
2Cases cited7 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Helvering v. BashfordSupreme Court of the United States · 1938
- Henderson v. Carbondale Coal & Coke Co.Supreme Court of the United States · 1891
- Dayton Bronze Bearing Co. v. GilliganCourt of Appeals for the Sixth Circuit · 1922
- Cavender v. CavenderSupreme Court of the United States · 1885
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3Cited by4 opinions
- Case v. CommissionerUnited States Board of Tax Appeals · 1938
- Morgan v. CommissionerUnited States Board of Tax Appeals · 1940
- Schweitzer & Conrad, Inc. v. CommissionerUnited States Board of Tax Appeals · 1940
- Wilbert Mineral Corp. v. CommissionerUnited States Board of Tax Appeals · 1938