Tyng v. Commissioner
United States Board of Tax Appeals
1. REORGANIZATION. - Associated acquired all of the voting stock and a majority of the total number of shares of all other classes of stock of two Delaware corporations in exchange for cash and its long term evidence of indebtedness. The petitioners received cash and evidence of indebtedness of Associated for their shares of one or more of the Delaware corporations.
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1. REORGANIZATION. - Associated acquired all of the voting stock and a majority of the total number of shares of all other classes of stock of two Delaware corporations in exchange for cash and its long term evidence of indebtedness. The petitioners received cash and evidence of indebtedness of Associated for their shares of one or more of the Delaware corporations. Held, following Kaspare Cohn Co. Ltd.,35 B.T.A 646, that the long term evidence of indebtedness gave a sufficient continuity of interest, they exchanged their shares pursuant to the plan, there was a reorganization, and the gain…
1Opinion of the Court
OPINION.
Murdock:
The Commissioner determined deficiencies in income taxes as follows:
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The parties have agreed upon the proper adjustment of a number of their original differences. The first issue for decision is common to both proceedings. It is whether a transaction, whereby the Associated Gas & Electric Co. acquired the stock of two other corporations for cash and certain of its debentures, constituted a statutory reorganization so that the gain realized by the petitioners from the disposition of their stock was taxable only to the extent of the cash received. The second issue,…
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