Tex-Penn Oil Co. v. Commissioner
United States Board of Tax Appeals
1. Upon the facts developed in these cases it is concluded, (1) that petitioner, Tex-Penn Oil Co., received both cash and stock of the Transcontinental Oil Co. as consideration for its assets, and (2) that part of the cash ostensibly paid individuals for lease interests was in fact consideration for their stock in the Tex-Penn Oil Co. Accordingly, the sole consideration received by Tex-Penn for its assets and by the stockholders for their stock, was not stock or securities…
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1. Upon the facts developed in these cases it is concluded, (1) that petitioner, Tex-Penn Oil Co., received both cash and stock of the Transcontinental Oil Co. as consideration for its assets, and (2) that part of the cash ostensibly paid individuals for lease interests was in fact consideration for their stock in the Tex-Penn Oil Co. Accordingly, the sole consideration received by Tex-Penn for its assets and by the stockholders for their stock, was not stock or securities of Transcontinental, and it is held, that the transaction does not come within those portions of section 202(b) of the…
1Opinion of the Court
*951OPINION.
Arundell :
These cases arise out of the acquisition by the Transcontinental Oil Co. of certain properties owned by the petitioners. The first issue to be decided is whether the transactions whereby *952these petitioners transferred their properties to Transcontinental constituted a taxable or nontaxable reorganization under section 202 (b) of the Revenue Act of 1918 and article 1567 of Regulations 15. If the conclusion be reached that the transactions constituted a nontaxable reorganization, this will dispose of the cases and there will be no tax due. A contrary conclusion will require…
2Cases cited25 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Corliss v. BowersSupreme Court of the United States · 1930
- The Minnesota Rate CasesSupreme Court of the United States · 1913
- Palmer v. BenderSupreme Court of the United States · 1932
- United States v. PhellisSupreme Court of the United States · 1921
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3Cited by10 opinions
- Commissioner of Internal Revenue v. BoeingCourt of Appeals for the Ninth Circuit · 1939
- Burns v. CommissionerUnited States Board of Tax Appeals · 1934
- Henritze v. CommissionerUnited States Board of Tax Appeals · 1933
- Dunn & Baker v. CommissionerUnited States Board of Tax Appeals · 1934
- White v. CommissionerUnited States Board of Tax Appeals · 1934
5 more not listed; retrieve them via the Exa API.