Legal Opinion
Fifth Avenue-Fourteenth Street Corp. v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided January 4, 1945No. 42PublishedCited by 17 opinions
1Opinion of the Court
FRANK, Circuit Judge.
1. Assuming for the moment that we must accept the facts as found by the Tax Court, affirmance is required by United States v. Kirby Lumber Co., 284 U.S. 1, 52 S.Ct. 4, 75 L.Ed. 131. For, on those facts, here, as there, the taxpayer “as a result of its dealings made available * * * assets previously offset by the obligation of bonds now extinct.” The transaction gave rise to income which was then “realized,” and therefore taxable, because the taxpayer then relieved all its assets in an amount equal to the difference between the amount of its obligations payable out of…
2Cases cited13 opinions
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Helvering v. American Dental Co.Supreme Court of the United States · 1943
- Bowers v. Kerbaugh-Empire Co.Supreme Court of the United States · 1926
- Helvering v. American Chicle Co.Supreme Court of the United States · 1934
8 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Merkel v. CommissionerUnited States Tax Court · 1997
- Commissioner of Internal Revenue v. Erie Forge Co.Court of Appeals for the Third Circuit · 1948
- Nelson v. CommissionerUnited States Tax Court · 1998
- Estate of Michael Newman, Deceased, Sidney Newman, and Alice Newman, and Alice Newman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1991
- Preslar v. CommissionerCourt of Appeals for the Tenth Circuit · 1999
12 more not listed; retrieve them via the Exa API.