Yoc Heating Corp. v. Commissioner
United States Tax Court
R corporation sought to purchase the assets of O corporation and transfer them to a newly organized subsidiary of R. O refused to sell its assets. R thereafter purchased more than 85 percent of O's stock and organized a new corporation, N. O then transferred to N all its assets subject to its liabilities, which N assumed.
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R corporation sought to purchase the assets of O corporation and transfer them to a newly organized subsidiary of R. O refused to sell its assets. R thereafter purchased more than 85 percent of O's stock and organized a new corporation, N. O then transferred to N all its assets subject to its liabilities, which N assumed. In consideration for the transfer, N issued 1 share of its stock to R in exchange for every 3 shares of O stock held by R. N also made cash payments to most of the minority shareholders of O. Held, N is entitled to a stepped-up basis in the assets it acquired from O. Held,…
1Opinion of the Court
Tannenwald, Judge:
Respondent determined the following deficiencies in petitioner’s income tax:
Docket No. Year Deficiency
$34, 432. 35
625-69_11964 27,767.95
51, 224. 41
5680-71_/1966 75, 530. 40
[1967 33, 333. 28
Because of concessions made by the parties, the issues that remain to he decided are:(1) Whether the basis of the assets that petitioner acquired from another corporation in 1962 is their cost to petitioner, or whether it is the same basis as those assets 'had in the hands of the other corporation;1(2) Whether a net operating loss incurred by petitioner after it acquired those assets must…
2Cases cited25 opinions
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Kimbell-Diamond Milling Co. v. Comm'rUnited States Tax Court · 1950
- Kimbell-Diamond Milling Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
- Albany Car Wheel Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1964
- Columbus & G. R. Co. v. CommissionerUnited States Tax Court · 1964
20 more not listed; retrieve them via the Exa API.
3Cited by34 opinions
- La Rue v. CommissionerUnited States Tax Court · 1988
- Long v. CommissionerUnited States Tax Court · 1978
- Meredith Corp. v. CommissionerUnited States Tax Court · 1994
- Superior Coach of Florida, Inc. v. CommissionerUnited States Tax Court · 1983
- Siewert v. CommissionerUnited States Tax Court · 1979
29 more not listed; retrieve them via the Exa API.