Natural Gasoline Corp. v. Commissioner
United States Tax Court
A dividend resolution by petitioner's board of directors provided for the distribution of certain securities and did not create to that extent a monetary obligation which was satisfied by the distribution of such securities; accordingly, petitioner realized no recognizable loss on the transaction.
1Opinion of the Court
Natural Gasoline Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Natural Gasoline Corp. v. Commissioner
Docket No. 41891
United States Tax Court
21 T.C. 439; 1953 U.S. Tax Ct. LEXIS 4;
December 31, 1953, Promulgated
Decision will be entered for the respondent.
A dividend resolution by petitioner's board of directors provided for the distribution of certain securities and did not create to that extent a monetary obligation which was satisfied by the distribution of such securities; accordingly, petitioner realized no recognizable loss on the transaction.
John E. McClure, Esq.,…
2Cases cited4 opinions
- General Utilities & Operating Co. v. HelveringSupreme Court of the United States · 1935
- Helvering v. General Utilities & Operating Co.Court of Appeals for the Fourth Circuit · 1935
- Commissioner of Internal Rev. v. Columbia Pacific S. Co.Court of Appeals for the Ninth Circuit · 1935
- Natural Gasoline Corp. v. CommissionerUnited States Tax Court · 1953