Himelhoch Bros. & Co. v. Commissioner
United States Board of Tax Appeals
1. Section 204(c) of the Revenue Act of 1924 held not to be unconstitutional because of its retroactive provisions. 2. In 1923 an affiliate of petitioner exchanged its stock for property in direct proportion to the transferors' interests in the asset, 85 per cent of the interests transferred having been acquired by the transferors without cost and the remainder at a cost of $52,314.31. Held that under the 1921 Act the basis for depreciation on the asset in the hands of the…
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1. Section 204(c) of the Revenue Act of 1924 held not to be unconstitutional because of its retroactive provisions. 2. In 1923 an affiliate of petitioner exchanged its stock for property in direct proportion to the transferors' interests in the asset, 85 per cent of the interests transferred having been acquired by the transferors without cost and the remainder at a cost of $52,314.31. Held that under the 1921 Act the basis for depreciation on the asset in the hands of the transferee is the value of the asset at the time of the exchange, and under the 1924, 1926 and 1928 Acts, cost to the…
1Opinion of the Court
HIMELHOCH BROTHERS AND COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Himelhoch Bros. & Co. v. Commissioner
Docket Nos. 41728, 42769, 45663.
United States Board of Tax Appeals
26 B.T.A. 541; 1932 BTA LEXIS 1290;
June 29, 1932, Promulgated
1. Section 204(c) of the Revenue Act of 1924 held not to be unconstitutional because of its retroactive provisions.
2. In 1923 an affiliate of petitioner exchanged its stock for property in direct proportion to the transferors' interests in the asset, 85 per cent of the interests transferred having been acquired by the transferors without…
2Cases cited14 opinions
- Mead Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Barnes v. CommissionerUnited States Board of Tax Appeals · 1927
- Burlington Gazette Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- John Glackner Realty Corp. v. CommissionerUnited States Board of Tax Appeals · 1928
- Morganite Brush Co. v. CommissionerUnited States Board of Tax Appeals · 1931
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