Humpage v. Commissioner
United States Tax Court
Effect of Reorganization on Earnings. -- Accumulated earnings of a corporation do not survive a section 77B reorganization whereby the assets are acquired by a new corporation whose stock is acquired by creditors of the old corporation to the exclusion of stockholders. Commissioner v. Sansome, 60 F. 2d 931, is not applicable to a section 77B reorganization.
1Opinion of the Court
F. R. Humpage, Petitioner, v. Commissioner of Internal Revenue, Respondent. Estate of Carl G. Fisher, Deceased, F. R. Humpage and C. W. Chase, Jr., Executors, Petitioner, v. Commissioner of Internal Revenue, Respondent
Humpage v. Commissioner
Docket Nos. 26855, 26856
United States Tax Court
1952 U.S. Tax Ct. LEXIS 231; 17 T.C. 1625;
March 31, 1952, Promulgated
Decisions will be entered for the petitioners.
Effect of Reorganization on Earnings. -- Accumulated earnings of a corporation do not survive a section 77B reorganization whereby the assets are acquired by a new corporation whose stock is…
Also in this document: Dissent.
2Cases cited2 opinions
- Commissioner of Internal Revenue v. SansomeCourt of Appeals for the Second Circuit · 1932
- Humpage v. CommissionerUnited States Tax Court · 1952