Corning Glass Works v. Commissioner
United States Board of Tax Appeals
1. Where two corporations were consolidated under the laws of New York, and where the resulting corporation acquired the assets of one of the old corporations in consideration of the exchange of its capital stock for the stock of the old corporation, held that the consolidation resulted in the creation of a new corporation and the dissolution of the old corporations, and that the assets of the old corporation were bona fide paid in for the stock of the new corporation. 2.…
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1. Where two corporations were consolidated under the laws of New York, and where the resulting corporation acquired the assets of one of the old corporations in consideration of the exchange of its capital stock for the stock of the old corporation, held that the consolidation resulted in the creation of a new corporation and the dissolution of the old corporations, and that the assets of the old corporation were bona fide paid in for the stock of the new corporation. 2. Corporate entity should not be lightly disregarded. 3. Intangible assets valued. 4. Where a corporation sells its stock at…
1Opinion of the Court
CORNING GLASS WORKS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Corning Glass Works v. Commissioner
Docket No. 9826.
United States Board of Tax Appeals
9 B.T.A. 771; 1927 BTA LEXIS 2510;
December 22, 1927, Promulgated
1. Where two corporations were consolidated under the laws of New York, and where the resulting corporation acquired the assets of one of the old corporations in consideration of the exchange of its capital stock for the stock of the old corporation, held that the consolidation resulted in the creation of a new corporation and the dissolution of the old corporations,…
2Cases cited19 opinions
- Cannon Manufacturing Co. v. Cudahy Packing Co.Supreme Court of the United States · 1925
- United States v. PhellisSupreme Court of the United States · 1921
- LaBelle Iron Works v. United StatesSupreme Court of the United States · 1921
- Heryford v. DavisSupreme Court of the United States · 1880
- Western Union Telegraph Co. v. BrownSupreme Court of the United States · 1920
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