Chicago, Indianapolis & Louisville Ry. v. Commissioner
United States Board of Tax Appeals
Cost of certain stock acquired in 1915 ascertained for the purpose of determining gain upon the sale of such stock in the year 1917.
1Opinion of the Court
*1147OPINION.
Smith:
The petitioner contends that the $150,000 par value of second preferred stock of the Indiana Coke & Gas Co., which, together with the 1,872 shares of common stock, it sold in March, 1917, for $150,000, was acquired as consideration for the cancellation of $100,000 of the indebtedness of the Monon Coal Co. and that there was a profit of only $50,000 realized upon the sale.
The respondent contends that the petitioner acquired both the common stock and the second preferred stock of the Indiana Coke & Gas Co. in exchange for stock of the Monon Coal Co., which it carried upon its…
2Cases cited4 opinions
- Canal Co. v. HillSupreme Court of the United States · 1872
- Hartford Fire Ins. v. Bonner Mercantile Co.U.S. Circuit Court for the District of Montana · 1890
- Great Northern Ry. Co. v. United StatesCourt of Appeals for the Eighth Circuit · 1916
- Baltimore Refrigerating & Heating Co. v. WetzelCourt of Appeals for the Fourth Circuit · 1908
3Cited by1 opinion
- Chicago, Indianapolis & Louisville Ry. v. CommissionerUnited States Board of Tax Appeals · 1928