DURAND-MCNEIL-HORNER CO. v. COMMISSIONER
United States Board of Tax Appeals
Where three corporations were consolidated and the new company took over all their assets and going businesses, which were continued by it, for which the new company issued its capital stock to the former stockholders of the old companies in proportion to their respective holdings, the basis for depreciation and for the determination of gain or loss from the sale of capital assets acquired from the old companies is the same as it was while the property involved was owned and…
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Where three corporations were consolidated and the new company took over all their assets and going businesses, which were continued by it, for which the new company issued its capital stock to the former stockholders of the old companies in proportion to their respective holdings, the basis for depreciation and for the determination of gain or loss from the sale of capital assets acquired from the old companies is the same as it was while the property involved was owned and held by them.
1Opinion of the Court
DURAND-MCNEIL-HORNER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
DURAND-MCNEIL-HORNER CO. v. COMMISSIONER
Docket Nos. 43285, 55788.
United States Board of Tax Appeals
30 B.T.A. 769; 1934 BTA LEXIS 1272;
May 18, 1934, Promulgated
Where three corporations were consolidated and the new company took over all their assets and going businesses, which were continued by it, for which the new company issued its capital stock to the former stockholders of the old companies in proportion to their respective holdings, the basis for depreciation and for the determination of gain or…
2Cases cited1 opinion
- DURAND-MCNEIL-HORNER CO. v. COMMISSIONERUnited States Board of Tax Appeals · 1934