Oliver v. Commissioner
United States Board of Tax Appeals
Held, the first in, first out rule does not apply to stock received upon an exchange in a reorganization, Christian W. Von Gunten,28 B.T.A. 702, nor to stock received in an exchange of stock for stock of the same corporation which is a nontaxable exchange (sec. 112(b)(2), Revenue Act of 1928), nor to nontaxable exchange in 1923 of stock for stock of the same corporation upon reduction of par value of stock.
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Held, the first in, first out rule does not apply to stock received upon an exchange in a reorganization, Christian W. Von Gunten,28 B.T.A. 702, nor to stock received in an exchange of stock for stock of the same corporation which is a nontaxable exchange (sec. 112(b)(2), Revenue Act of 1928), nor to nontaxable exchange in 1923 of stock for stock of the same corporation upon reduction of par value of stock. The basis of the stock received on all such exchanges should be allocated equally to the shares received. Christian W. Von Gunten, supra.
1Opinion of the Court
OLIVE HUME OLIVER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Oliver v. Commissioner
Docket No. 65640.
United States Board of Tax Appeals
30 B.T.A. 1381; 1934 BTA LEXIS 1190;
July 31, 1934, Promulgated
Held, the first in, first out rule does not apply to stock received upon an exchange in a reorganization, Christian W. Von Gunten,28 B.T.A. 702, nor to stock received in an exchange of stock for stock of the same corporation which is a nontaxable exchange (sec. 112(b)(2), Revenue Act of 1928), nor to nontaxable exchange in 1923 of stock for stock of the same corporation upon…
2Cases cited7 opinions
- Stewart v. CommissionerUnited States Board of Tax Appeals · 1929
- Snyder v. CommissionerUnited States Board of Tax Appeals · 1930
- Stryker v. CommissionerUnited States Board of Tax Appeals · 1930
- Von Gunten v. CommissionerUnited States Board of Tax Appeals · 1933
- Mickler Holding Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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