Gage Bros. & Co. v. Commissioner
United States Tax Court
1. Merger under Illinois statute held not to entitle resulting corporation to its predecessor's equity invested capital for purposes of excess profits tax. 2. Arm's length transaction between creditors and debtor corporation's stockholders which resulted in settlement of obligation and transfer of the business to petitioner, a new corporation in which creditors and old stockholders had control and the interests of the parties were substantially unaltered, held to have…
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1. Merger under Illinois statute held not to entitle resulting corporation to its predecessor's equity invested capital for purposes of excess profits tax. 2. Arm's length transaction between creditors and debtor corporation's stockholders which resulted in settlement of obligation and transfer of the business to petitioner, a new corporation in which creditors and old stockholders had control and the interests of the parties were substantially unaltered, held to have constituted a nontaxable exchange under Internal Revenue Code, section 112 (b) (5), Alexander R. Duncan, 9 T. C. 468,…
1Opinion of the Court
Gage Brothers and Company, an Illinois Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Gage Bros. & Co. v. Commissioner
Docket No. 17273
United States Tax Court
13 T.C. 472; 1949 U.S. Tax Ct. LEXIS 72;
September 30, 1949, Promulgated
Decision will be entered under Rule 50.
1. Merger under Illinois statute held not to entitle resulting corporation to its predecessor's equity invested capital for purposes of excess profits tax.
2. Arm's length transaction between creditors and debtor corporation's stockholders which resulted in settlement of obligation and transfer of the…
2Cases cited15 opinions
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- Burnet v. HarmelSupreme Court of the United States · 1932
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Interstate Transit Lines v. CommissionerSupreme Court of the United States · 1943
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
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