Henry Hess Co. v. Commissioner
United States Tax Court
1. Since the amount of the gain resulting from the requisition for title in 1942 by the War Shipping Administration of one of the vessels of Christenson Steamship Company was not reasonably ascertainable in 1942, such company being on the accrual basis of accounting, it is held that no amount of gain was includible in the income of Christenson Steamship Company for 1942, and, accordingly, that there is no liability on petitioners as transferees of the assets of Christenson…
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1. Since the amount of the gain resulting from the requisition for title in 1942 by the War Shipping Administration of one of the vessels of Christenson Steamship Company was not reasonably ascertainable in 1942, such company being on the accrual basis of accounting, it is held that no amount of gain was includible in the income of Christenson Steamship Company for 1942, and, accordingly, that there is no liability on petitioners as transferees of the assets of Christenson for the year 1942. 2. Held, further, Christenson Steamship Company, though dissolved, was still in existence during the…
1Opinion of the Court
OPINION.
Van Fossan, Judge:
the first matter of moment in this case is the determination whether or not Christenson Steamship Company realized gain in the year 1942 from the requisition for title in that year by the War Shipping Administration of the S. S. Jane Christenson. There is little dispute as to the facts but there was a wide divergence between the parties in the conclusions drawn therefrom. Petitioners contend that the amount of just compensation to be paid for the taking of the vessel was not known and could not be reasonably estimated or ascertained in 1942, thereby preventing any…
2Cases cited8 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Higgins v. SmithSupreme Court of the United States · 1940
- Continental Tie & Lumber Co. v. United StatesSupreme Court of the United States · 1932
- United States v. Safety Car Heating & Lighting Co.Supreme Court of the United States · 1936
- Court Holding Co. v. CommissionerUnited States Tax Court · 1943
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3Cited by3 opinions
- Cold Metal Process Co. v. CommissionerCourt of Appeals for the Sixth Circuit · 1957
- The Cold Metal Process Company v. Commissioner of Internal Revenue, the Leon A. Beeghly Fund, the Union National Bank of Youngstown, Ohio, Trustee v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1957
- Henry Hess Co. v. CommissionerUnited States Tax Court · 1951