Wood v. Commissioner
United States Board of Tax Appeals
1. A partnership transferred its assets to a new partnership composed of the members of the old firm and another who contributed new capital. Securities of the old firm were transferred to the new firm for the equivalent in cash of their fair market value, which was less than their cost or book value to the old firm.
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1. A partnership transferred its assets to a new partnership composed of the members of the old firm and another who contributed new capital. Securities of the old firm were transferred to the new firm for the equivalent in cash of their fair market value, which was less than their cost or book value to the old firm. The old partnership should deduct the loss on the securities occasioned by the transfer in computing its net income distributable to the old partners. 2. The provision of art. 604, Regulations 74, that, if a partnership, in the case of retirement of a partner or dissolution,…
1Opinion of the Court
H. O. WOOD, JR., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
C. O. M. SPRAGUE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
J. F. B. MITCHELL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
J. T. TERRY, JR., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
WILLIS D. WOOD, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Wood v. Commissioner
Docket Nos. 65832-65835, 69844.
United States Board of Tax Appeals
33 B.T.A. 806; 1935 BTA LEXIS 693;
December 31, 1935, Promulgated
1. A partnership transferred its assets to a new partnership…
2Cases cited1 opinion
- Wood v. CommissionerUnited States Board of Tax Appeals · 1935