John Simmons Co. v. Commissioner
United States Tax Court
1. Basis of Property Acquired FromAnother Corporation. -- The receipt of all of the assets of another corporation in a statutory merger held to be a receipt in complete liquidation under section 112 (b) (6) of the Internal Revenue Code of 1939, and the basis is the same as in the hands of the merged corporation under section 113 (a) (15). 2. Collateral Estoppel. -- The decision of this Court in a prior case that for invested capital purposes for a prior year the stock of the…
Read the full summary
1. Basis of Property Acquired FromAnother Corporation. -- The receipt of all of the assets of another corporation in a statutory merger held to be a receipt in complete liquidation under section 112 (b) (6) of the Internal Revenue Code of 1939, and the basis is the same as in the hands of the merged corporation under section 113 (a) (15). 2. Collateral Estoppel. -- The decision of this Court in a prior case that for invested capital purposes for a prior year the stock of the corporation merged into the petitioner had a cost basis is not a bar to consideration and decision of an issue as to…
1Opinion of the Court
OPINION.
Atkins, Judge:
The principal question presented relates to the proper basis for gain or loss and depreciation with respect to assets acquired by the petitioner in 1942 from the New York company that was merged into it. The petitioner contends that the basis is the same as that in the hands of the New York company whereas the respondent has determined that the assets have a new basis, measured by the amount paid by the petitioner for the stock of the New York company.
The primary position of the petitioner is that it acquired the assets of the New York company in complete liquidation of…
2Cases cited7 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Kimbell-Diamond Milling Co. v. Comm'rUnited States Tax Court · 1950
- Kimbell-Diamond Milling Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
- Commissioner of Internal Revenue v. Ashland Oil & Refining Co.Court of Appeals for the Sixth Circuit · 1938
- Kanawha Gas & Utilities Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1954
2 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Trianon Hotel Co. v. CommissionerUnited States Tax Court · 1958
- United States v. Frank N. Mattison and Ida G. MattisonCourt of Appeals for the Ninth Circuit · 1959
- Frederick Steel Co. v. CommissionerUnited States Tax Court · 1964
- United States v. M. O. J. CorporationCourt of Appeals for the Fifth Circuit · 1960
- Kansas Sand & Concrete, Inc. v. CommissionerUnited States Tax Court · 1971
18 more not listed; retrieve them via the Exa API.