Monarch Elec. & Wire Co. v. Commissioner
United States Board of Tax Appeals
1. A owned 52 per cent of the capital stock of a corporation, and B, C and D owned 42 per cent of the capital stock. On January 1, 1920, all of the assets of the corporation, except certain securities which were paid directly to A, were transferred to a new corporation, the petitioner, which issued all of its capital stock in exchange therefor, the capital stock so issued being divided 48 per cent to A, and 52 per cent to B, C, and D. Held, that the provision of section 331…
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1. A owned 52 per cent of the capital stock of a corporation, and B, C and D owned 42 per cent of the capital stock. On January 1, 1920, all of the assets of the corporation, except certain securities which were paid directly to A, were transferred to a new corporation, the petitioner, which issued all of its capital stock in exchange therefor, the capital stock so issued being divided 48 per cent to A, and 52 per cent to B, C, and D. Held, that the provision of section 331 of the Revenue Act of 1918, and section 331 of the Revenue Act of 1921, prohibits a new corporation from valuing the…
1Opinion of the Court
MONARCH ELECTRIC & WIRE CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Monarch Elec. & Wire Co. v. Commissioner
Docket No. 13405.
United States Board of Tax Appeals
12 B.T.A. 158; 1928 BTA LEXIS 3585;
May 28, 1928, Promulgated
1. A owned 52 per cent of the capital stock of a corporation, and B, C and D owned 42 per cent of the capital stock. On January 1, 1920, all of the assets of the corporation, except certain securities which were paid directly to A, were transferred to a new corporation, the petitioner, which issued all of its capital stock in exchange therefor, the capital…
2Cases cited1 opinion
- Monarch Elec. & Wire Co. v. CommissionerUnited States Board of Tax Appeals · 1928