Legal Opinion
Lutkins v. United States
United States Court of Claims
Decided February 6, 1963No. 279-60PublishedCited by 14 opinions
1Opinion of the CourtLaramore, Judge
Plaintiffs sue for recovery of income taxes paid on reported capital gains resulting from exchange of stock in one corporation for voting stock in another. The question to be determined in this case is whether the transaction, as later outlined, was a non-taxable exchange under section *650112(b) (3) of the Internal Revenue Code of 1939, 26 U.S.C. § 112(b)(3) (1952).
In 1912 the American Machine & Foundry Company (hereinafter called American), a New Jersey corporation, acquired in exchange solely for 11,000 shares of its common stock (which was its only stock having voting rights) 65,375…
2Cases cited4 opinions
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Turnbow v. CommissionerSupreme Court of the United States · 1961
- Hubert E. Howard v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1956
- Mills v. CommissionerUnited States Tax Court · 1962
3Cited by14 opinions
- Kenneth R. Groves and Peggy L. Groves v. United StatesCourt of Appeals for the Fifth Circuit · 1976
- King Christian Enterprises, Inc. v. The Government of the Virgin IslandsCourt of Appeals for the Third Circuit · 1965
- 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
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