Legal Opinion
Commissioner of Internal Revenue v. Grover D. Turnbow and Ruth H. Turnbow
Court of Appeals for the Ninth Circuit
Decided December 5, 1960No. 16775PublishedCited by 6 opinions
1Opinion of the Court
MERRILL, Circuit Judge.
This case presents the following question: whether gain realized by a taxpayer upon the transfer of his stock in a wholly owned corporation in consideration for voting stock in another corporation plus cash is recognizable in its entirety or only to the extent of the cash received. The Tax Court, following Howard v. Commissioner of Internal Revenue, 7 Cir., 1956, 238 F.2d 943, has ruled that the gain is recognizable only to the extent of the cash received. Grover D. Turnbow, 32 T.C. 646. We have concluded that this was error and that the gain is recognizable in its…
2Cases cited6 opinions
- Helvering v. WinmillSupreme Court of the United States · 1938
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Lykes v. United StatesSupreme Court of the United States · 1952
- Hubert E. Howard v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1956
- Bonham v. CommissionerUnited States Board of Tax Appeals · 1936
1 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- Turnbow v. CommissionerSupreme Court of the United States · 1961
- Arden S. Heverly and Sophia S. Heverly v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1980
- Eldon S. Chapman v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1980
- Reeves v. CommissionerUnited States Tax Court · 1979
- Pierson v. United StatesDistrict Court, D. Delaware · 1979
1 more not listed; retrieve them via the Exa API.