Harrison v. Commissioner
United States Tax Court
Exchange of Property for Stock and Securities -- Recognition of Gain -- Sec. 112 (b) (5) -- Sec. 112 (c) (1), I. R. C. 1939. -- Partnership assets were exchanged for stock and drawing accounts in a new corporation. Held, that the drawing accounts were not securities under section 112 (b) (5) and were taxable as "other property" under section 112 (c) (1).
1Opinion of the Court
OPINION.
Johnson, Judge:
The first issue we must consider is whether the exchange of partnership assets for corporate stock and drawing accounts occurred in 1946 or 1947. The petitioners contend that the exchange occurred in 1946 and under section 275 (c) 1 of the 1939 Code the statute of limitations would have run against respondent’s determination. It is respondent’s contention that the exchange occurred in 1947.
Under Missouri law the existence of a corporation dates from the time of the filing of the articles of incorporation with the secretary of state. The certificate given by the…
2Cases cited6 opinions
- Neville Coke & Chemical Co. v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1945
- Pacific Public Service Co. v. CommissionerUnited States Tax Court · 1945
- Neville Coke & Chemical Co. v. CommissionerUnited States Tax Court · 1944
- Pacific Public Service Co. v. Commissioner of Int. Rev.Court of Appeals for the Ninth Circuit · 1946
- Raleigh Investment Co. v. BunkerSupreme Court of Missouri · 1920
1 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Brown v. CommissionerUnited States Tax Court · 1956
- John W. Harrison v. Commissioner of Internal Revenue, Clifford F. Harrison v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1956
- Irwin v. CommissionerUnited States Tax Court · 1955
- Brown v. CommissionerUnited States Tax Court · 1956
- Harrison v. CommissionerUnited States Tax Court · 1955
5 more not listed; retrieve them via the Exa API.