Atlas Oil & Refining Corp. v. Commissioner
United States Tax Court
Petitioner corporation was organized to effectuate a court-approved plan of reorganization in a proceeding involving another corporation under chapter X of the Bankruptcy Act. The first mortgage bondholders of the insolvent corporation received similar bonds of petitioner in an amount equaling the principal and interest due.
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Petitioner corporation was organized to effectuate a court-approved plan of reorganization in a proceeding involving another corporation under chapter X of the Bankruptcy Act. The first mortgage bondholders of the insolvent corporation received similar bonds of petitioner in an amount equaling the principal and interest due. The second mortgage bondholders were issued preferred stock of petitioner in the amount of $ 435,000, being the amount of their remaining equity interest. Other creditors were paid by the insolvent corporation, while its stockholders were completely eliminated from any…
1Opinion of the Court
Fisher, Judge:
The Commissioner determined deficiencies in income and excess profits taxes of Atlas Oil and Refining Corporation (hereinafter referred to as the petitioner or the new corporation) for the years and in the amounts as follows:
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The deficiencies result principally from respondent’s determination of the tax base with respect to properties acquired by petitioner pursuant to a corporate reorganization for purposes of determining depreciation, gain or loss, and equity invested capital.
The basic issue to be resolved is whether or not the reorganization, through which…
2Cases cited27 opinions
- Case v. Los Angeles Lumber Products Co.Supreme Court of the United States · 1939
- Northern Pacific Railway Co. v. BoydSupreme Court of the United States · 1913
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Consolidated Rock Products Co. v. Du BoisSupreme Court of the United States · 1941
- Group of Institutional Investors v. Chicago, M., St. P. & P.R. Co., and 9 Other CasesSupreme Court of the United States · 1943
22 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- United States v. Adkins-Phelps, IncorporatedCourt of Appeals for the Eighth Circuit · 1968
- Aldridge v. CommissionerUnited States Tax Court · 1968
- In Re Yuba Consolidated Industries, Inc.District Court, N.D. California · 1965
- Aldridge v. CommissionerUnited States Tax Court · 1968
- Atlas Oil & Refining Corp. v. CommissionerUnited States Tax Court · 1961
1 more not listed; retrieve them via the Exa API.