Utilities & Industries Corp. v. Commissioner
United States Tax Court
1. Basis for Gain or Loss -- Acquisition by Reorganization or Purchase. -- Held, petitioner South Bay's acquisitions of the properties of two corporations in 1925 were in connection with separate reorganizations under section 203(h) of the Revenue Act of 1924, and pursuant to section 113(a)(7), I.R.C. 1939, petitioner's basis is the same as it would be in the hands of each respective transferor and, further, that petitioner failed to establish each transferor's basis and its…
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1. Basis for Gain or Loss -- Acquisition by Reorganization or Purchase. -- Held, petitioner South Bay's acquisitions of the properties of two corporations in 1925 were in connection with separate reorganizations under section 203(h) of the Revenue Act of 1924, and pursuant to section 113(a)(7), I.R.C. 1939, petitioner's basis is the same as it would be in the hands of each respective transferor and, further, that petitioner failed to establish each transferor's basis and its own adjusted basis at date of sale as required by section 113(b), I.R.C. 1939. Held, further, that petitioner's…
1Opinion of the Court
OPINION
Respondent determined that petitioner South Bay realized additional capital gain in the net amount of $2,350,734.26 resulting from several adjustments in the computation of the taxable gain realized from South Bay’s sale of all its assets, both tangible and intangible, to the Suffolk Comity Water Authority under condemnation proceedings in 1951.
At the trial petitioner South Bay conceded the respondent’s dis-allowance of $89,509.62 of the claimed basis for tangible properties involved in such sale and that adjustment is no longer in dispute.
The first issue herein involves respondent’s…
2Cases cited13 opinions
- Hort v. CommissionerSupreme Court of the United States · 1941
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
- Magruder v. SuppleeSupreme Court of the United States · 1942
- Commissioner v. ConnellySupreme Court of the United States · 1949
- Shea v. CommissionerUnited States Tax Court · 1961
8 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Putoma Corp. v. CommissionerUnited States Tax Court · 1976
- Putoma Corp., Successor by Merger of Pro-Mac Company, Petitioners- Cross-Appellants v. Commissioner of Internal Revenue, Cross-AppelleeCourt of Appeals for the Fifth Circuit · 1979
- Casco Products Corp. v. CommissionerUnited States Tax Court · 1967
- Pacific Transport Co. v. CommissionerUnited States Tax Court · 1970
- Kansas Sand & Concrete, Inc. v. CommissionerUnited States Tax Court · 1971
15 more not listed; retrieve them via the Exa API.