Evans v. Commissioner
United States Board of Tax Appeals
The Union Co. in December 1928 entered into a contract with the stockholders of the Miller Co. to purchase from them all of the stock of the latter company in exchange for cash and the stock of the purchaser, the latter to be delivered as soon as a permit could be secured from the Corporation Commissioner of California. Thirty-nine percent was to be paid in cash on the signing of the contract and the remaining cash was to be paid in 1929. The cash payment for 1928 was made.
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The Union Co. in December 1928 entered into a contract with the stockholders of the Miller Co. to purchase from them all of the stock of the latter company in exchange for cash and the stock of the purchaser, the latter to be delivered as soon as a permit could be secured from the Corporation Commissioner of California. Thirty-nine percent was to be paid in cash on the signing of the contract and the remaining cash was to be paid in 1929. The cash payment for 1928 was made. The Union Co. secured a permit to issue its stock in January 1929 and the stock was then delivered and the remaining…
1Opinion of the Court
*750OPINION.
Marquette:
In each petition it is asserted that the respondent erred in not determining that the profits derived from the exchanges of stock of the Miller Co. for cash and stock of the Union Co. were the income of the marital community under the laws of California. No evidence was introduced on this issue, nor was it referred to by counsel on either side. This issue was abandoned.
Petitioners insist that' their common stock was sold for cash and their preferred stock was exchanged for cash and stock, thus resulting in separate transactions. They further contend that there was a…
2Cases cited5 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- MacDonald v. Reich & Lievre, Inc.California Court of Appeal · 1929
- Reno v. American Ice Machine Co.California Court of Appeal · 1925
- Watts v. CommissionerUnited States Board of Tax Appeals · 1933
- National Iron Works v. CommissionerUnited States Board of Tax Appeals · 1931
3Cited by3 opinions
- Evans v. CommissionerUnited States Board of Tax Appeals · 1934
- Lane-Wells Co. v. CommissionerUnited States Board of Tax Appeals · 1941
- Parker v. CommissionerUnited States Board of Tax Appeals · 1934