Continental Oil Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner was the sole shareholder in corporations A, B, C, and D. In 1920 corporation A sustained a net loss, while the other three corporations realized taxable net incomes. In 1921, corporations B and C, without any consideration therefor, transferred all of their assets to corporation D, which assets, in each instance, were of a value sufficient to meet the transferor's liability, as of the date of transfer, for income and profits taxes.
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1. Petitioner was the sole shareholder in corporations A, B, C, and D. In 1920 corporation A sustained a net loss, while the other three corporations realized taxable net incomes. In 1921, corporations B and C, without any consideration therefor, transferred all of their assets to corporation D, which assets, in each instance, were of a value sufficient to meet the transferor's liability, as of the date of transfer, for income and profits taxes. Later in 1921, corporation D, without any consideration therefor, transferred all of its assets to the petitioner, which assets were of a value…
1Opinion of the Court
*30OPINION.
Van Fossan:
From the Board’s decision in this proceeding, following the opinion of May 19, 1931, 23 B. T. A. 311, the respondent filed a petition for review in the Court of Appeals for the District of Columbia. The Board’s decision was reversed, November 27, 1933, Commissioner v. Continental Oil Co., 68 Fed. (2d) 750, and the proceeding remanded with instructions “to proceed in accordance with the views expressed in the opinion of this Court.”
In its opinion, the Board held that the deficiency notice covered only the petitioner’s liability for the tax, if any, owing by the Mutual Oil…
2Cited by2 opinions
- Continental Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1936
- Transp. Mfg. & Equip. Co. v. Comm'rUnited States Tax Court · 1972