Bankers Farm Mortg. Co. v. Commissioner
United States Tax Court
Petitioner corporation was organized by a group of bondholders of an insolvent joint stock land bank for the purpose of acquiring its assets from the receiver and continuing the liquidation of them. Some of the bonds of the insolvent were acquired by petitioner for its stock and some for cash, until finally it owned 98.7 percent of all outstanding bonds.
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Petitioner corporation was organized by a group of bondholders of an insolvent joint stock land bank for the purpose of acquiring its assets from the receiver and continuing the liquidation of them. Some of the bonds of the insolvent were acquired by petitioner for its stock and some for cash, until finally it owned 98.7 percent of all outstanding bonds. Petitioner thereupon negotiated a sale in 1933 of the assets by the receiver at public sale at an upset price which was bid by petitioner, credit being given upon the amount bid for the proportion of the total of outstanding bonds held by…
1Opinion of the Court
Bankers Farm Mortgage Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Bankers Farm Mortg. Co. v. Commissioner
Docket Nos. 107827, 109010
United States Tax Court
1 T.C. 406; 1943 U.S. Tax Ct. LEXIS 261;
January 5, 1943, Promulgated
Decisions will be entered under Rule 50.
Petitioner corporation was organized by a group of bondholders of an insolvent joint stock land bank for the purpose of acquiring its assets from the receiver and continuing the liquidation of them. Some of the bonds of the insolvent were acquired by petitioner for its stock and some for cash, until finally it…
2Cases cited8 opinions
- Helvering v. Alabama Asphaltic Limestone Co.Supreme Court of the United States · 1942
- LeTulle v. ScofieldSupreme Court of the United States · 1940
- Federal Land Bank v. PriddySupreme Court of the United States · 1935
- Palm Springs Holding Corp. v. CommissionerSupreme Court of the United States · 1942
- Magruder v. Washington, Baltimore & Annapolis Realty Corp.Supreme Court of the United States · 1942
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