San Antonio Transit Co. v. Commissioner
United States Tax Court
1. The phrase "property of a corporation" as used in section 112 (b) (10), I. R. C. 1939, construed as not requiring that "all" or "substantially all" of transferor's property be included in order to qualify for nonrecognition provisions of statute and, because of a statutory change, the doctrine of collateral estoppel held not applicable to this and other issues presented. 2. Held, on facts, that property was acquired by petitioner "solely in exchange for its stock or…
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1. The phrase "property of a corporation" as used in section 112 (b) (10), I. R. C. 1939, construed as not requiring that "all" or "substantially all" of transferor's property be included in order to qualify for nonrecognition provisions of statute and, because of a statutory change, the doctrine of collateral estoppel held not applicable to this and other issues presented. 2. Held, on facts, that property was acquired by petitioner "solely in exchange for its stock or securities" within the intendment of said section 112 (b) (10). 3. Requisite continuity of interest under said section 112…
1Opinion of the Court
OPINION.
Forrester, Judge:
The facts of the'instant case have been fully stipulated and the case has been submitted pursuant to Rule 30 of our Rules of Practice. All but one of the issues raised by the pleadings have been settled. The parties have submitted a supplemental stipulation reflecting their concessions in respect of the settled issues. The stipulations and the exhibits attached thereto are adopted and by this reference made a part hereof.
The Commissioner has determined deficiencies and overassessments in income tax, deficiencies in declared value excess-profits tax, and deficiencies…
2Cases cited18 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Northern Pacific Railway Co. v. BoydSupreme Court of the United States · 1913
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
13 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Atlas Oil & Refining Corp. v. CommissionerUnited States Tax Court · 1961
- Lambert Tree Trust Estate v. CommissionerUnited States Tax Court · 1962
- Atlas Oil & Refining Corp. v. CommissionerUnited States Tax Court · 1961
- Lambert Tree Trust Estate v. CommissionerUnited States Tax Court · 1962
- San Antonio Transit Co. v. CommissionerUnited States Tax Court · 1958