Woodard v. Commissioner
United States Board of Tax Appeals
1. In 1930 the Lamination Stamping Co., of which petitioners were stockholders, entered into a written agreement with the Allegheny Steel Co., pursuant to which the former corporation transferred its business and assets to the latter corporation in exchange for 5,000 shares of no par value common stock and $100,000 cash. The Lamination Co., in pursuance of the plan of reorganization, distributed the stock and cash pro rata among its stockholders and dissolved.
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1. In 1930 the Lamination Stamping Co., of which petitioners were stockholders, entered into a written agreement with the Allegheny Steel Co., pursuant to which the former corporation transferred its business and assets to the latter corporation in exchange for 5,000 shares of no par value common stock and $100,000 cash. The Lamination Co., in pursuance of the plan of reorganization, distributed the stock and cash pro rata among its stockholders and dissolved. Held, the transaction constituted a reorganization within the meaning of section 112(i)(1)(A) of the Revenue Act of 1928. 2. Held,…
1Opinion of the Court
*1220OPINION.
Trammell :
Respondent originally determined that the transaction referred to in our findings of fact above constituted a reorganization, and computed the deficiency by including in income the gain derived by each of the petitioners upon the liquidation of the Lamination Co. only to the extent of the cash distributed to each. Respondent now contends that the transaction did not constitute a reorganization and that he erred in not computing tax upon the entire amount of the gain derived by each petitioner, and asserts claim for increased deficiencies accordingly.
Petitioners contend that…
2Cases cited12 opinions
- Pinellas Ice & Cold Storage Co. v. CommissionerSupreme Court of the United States · 1933
- Hellmich v. HellmanSupreme Court of the United States · 1928
- Minnesota Tea Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Greenwood v. CommissionerUnited States Board of Tax Appeals · 1925
- Henritze v. CommissionerUnited States Board of Tax Appeals · 1933
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3Cited by2 opinions
- Love v. CommissionerUnited States Board of Tax Appeals · 1939
- Woodard v. CommissionerUnited States Board of Tax Appeals · 1934