Southwest Natural Gas Co. v. Commissioner
United States Tax Court
Reorganization -- Statutory Merger -- Section 112 (g) (1) (A), I. R. C. -- In a statutory merger pursuant to state law, corporation A acquired all the assets of corporation B in exchange for a total consideration of $ 663,393.01, consisting of 16.4 per cent of A's common stock having a market value of $ 5,592.50 and a certain amount of A's bonds, cash, and the assumption of B's liabilities. (1) Held, on authority of Roebling v. Commissioner, 143 Fed.
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Reorganization -- Statutory Merger -- Section 112 (g) (1) (A), I. R. C. -- In a statutory merger pursuant to state law, corporation A acquired all the assets of corporation B in exchange for a total consideration of $ 663,393.01, consisting of 16.4 per cent of A's common stock having a market value of $ 5,592.50 and a certain amount of A's bonds, cash, and the assumption of B's liabilities. (1) Held, on authority of Roebling v. Commissioner, 143 Fed. (2d) 810, that in addition to the statutory merger and to constitute a "reorganization" within the Federal income tax statutes, the transaction…
1Opinion of the Court
OPINION.
Tyson, Judge-.
The only contested issue presented for decision is whether the statutory merger of Peoples with petitioner on December 28, 1940, constituted a purchase by petitioner of the assets of Peoples as determined and herein contended by respondent, or, as contended by petitioner, constituted a “reorganization” within the meaning of that term as defined by subsection (g) (1) (A) of section 112 of the Internal Revenue Code,1 which section -provides the general rule for the recognition of gain or loss upon the sale or exchange of property and for the exceptions thereto in…
2Cases cited4 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- LeTulle v. ScofieldSupreme Court of the United States · 1940
- Helvering v. Minnesota Tea Co.Supreme Court of the United States · 1935
- John A. Nelson Co. v. HelveringSupreme Court of the United States · 1935
3Cited by23 opinions
- Southwest Natural Gas Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
- Superior Coach of Florida, Inc. v. CommissionerUnited States Tax Court · 1983
- Kass v. CommissionerUnited States Tax Court · 1973
- Heintz v. CommissionerUnited States Tax Court · 1955
- Hickok v. CommissionerUnited States Tax Court · 1959
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