Carlisle Packing Co. v. Commissioner
United States Board of Tax Appeals
Petitioner transferred to its creditor property having a depreciated cost of $346,106.87, and received back canceled notes in the amount of $650,000 given to the creditor in prior years for loans. Held, that petitioner thereby realized a taxable gain in the amount of the difference between the cost of the property and the face amount of the notes.
1Opinion of the Court
OPINION.
ÁRUndell :
This proceeding has been brought to test the correctness of the respondent’s determination that a profit was made by petitioner in the disposition of certain of its plants and equipment to the Bank of California, National Association, during the fiscal year 1927. Deficiencies have been asserted for the fiscal years November 30, 1927, 1928, and 1929 in the respective amounts of $12,429.82, $1,435.49, and $1,473.88. It is petitioner’s contention that the disposition of its plants and equipment in 1927 under the circumstances hereinafter related did not result in taxable gain,…
2Cases cited2 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
3Cited by5 opinions
- Danenberg v. CommissionerUnited States Tax Court · 1979
- Helvering v. Jane Holding CorporationCourt of Appeals for the Eighth Circuit · 1940
- Kelly v. United StatesCourt of Appeals for the Ninth Circuit · 1937
- Carlisle Packing Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Danenberg v. CommissionerUnited States Tax Court · 1979