Crespi v. Commissioner

HUTCHESON, Circuit Judge.

What is in question here is whether the taxpayer by the measures he caused to be taken in the issuance of certificates in a successor corporation, has succeeded in preserving the identity of particular shares of a predecessor corporation,1 and therefore the same base for determining gain or loss resulting to him from the sale of seventy-five of the successor corporation’s shares.

Before the board the commissioner, relying upon the general rule that the result of a corporate reorganization or succession and the issuance of hew shares, is to destroy the identifiableness…