Minnesota Tea Co. v. Commissioner
United States Board of Tax Appeals
A corporation exchanged its assets in a statutory reorganization for shares of the transferee corporation and money, and immediately distributed all the money pursuant to a resolution which provided that the shareholders should assume the corporate debts. The shareholders discharged the corporate debts. Held, that the money thus received must be regarded as entirely distributed to shareholders and no part thereof may be regarded as recognizable gain of the corporation.
1Opinion of the Court
MINNESOTA TEA COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Minnesota Tea Co. v. Commissioner
Docket No. 54227.
United States Board of Tax Appeals
34 B.T.A. 145; 1936 BTA LEXIS 746;
March 18, 1936, Promulgated
A corporation exchanged its assets in a statutory reorganization for shares of the transferee corporation and money, and immediately distributed all the money pursuant to a resolution which provided that the shareholders should assume the corporate debts. The shareholders discharged the corporate debts. Held, that the money thus received must be regarded as entirely…
2Cases cited14 opinions
- Lawrence v. . FoxNew York Court of Appeals · 1859
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
- Jacob & Youngs, Inc. v. KentNew York Court of Appeals · 1921
- Helvering v. Minnesota Tea Co.Supreme Court of the United States · 1935
- Hendrick v. LindsaySupreme Court of the United States · 1876
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