Britt v. Commissioner
United States Board of Tax Appeals
1. In order to be availed of, res judicata must be pleaded. 2. Where res judicata has not been pleaded in respect of a prior judgment holding that a series of transactions did not constitute a reorganization within a certain section of the Revenue Act of 1926, the Board may determine anew whether there may not have been a reorganization under some other section of the statute. 3. A reorganization results under sections 203(b)(3) and 203(h)(1)(A) of the Revenue Act of 1926…
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1. In order to be availed of, res judicata must be pleaded. 2. Where res judicata has not been pleaded in respect of a prior judgment holding that a series of transactions did not constitute a reorganization within a certain section of the Revenue Act of 1926, the Board may determine anew whether there may not have been a reorganization under some other section of the statute. 3. A reorganization results under sections 203(b)(3) and 203(h)(1)(A) of the Revenue Act of 1926 when, pursuant to a plan of reorganization, corporation A transfers over 90 percent of its assets to corporation B in…
1Opinion of the Court
*794OPINION.
Lbeci-i :
The first question involves the proper basis for computing petitioner’s gain on the redemption of the United Carbon Co. stock held by him. The transactions, as a result of which petitioner acquired this stock, appear in the findings of fact. In a proceeding brought by United Carbon Co. to redetermine deficiencies in its income tax for 1925, the Circuit Court of Appeals, reversing the Board’s decision at 32 B. T. A. 1000, held that no reorganization had occurred within section 203 (b) (4) of the Revenue Act of 1926 by reason of these same transactions. United Carbon Co. v.…
2Cases cited5 opinions
- Bank of United States v. DandridgeSupreme Court of the United States · 1827
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