Legal Opinion
In the Matter of Chrome Plate, Inc., Bankrupt. Chrome Plate, Inc. v. District Director of Internal Revenue, United States of America
Court of Appeals for the Fifth Circuit
Decided April 2, 1980No. 77-3402PublishedCited by 15 opinions
1Opinion of the Court
GARZA, Judge:
In this case, the court must determine two issues. First, we must decide whether the corporate taxpayer herein qualifies for a cost basis under 26 U.S.C. § 334(b)(2). Second, the court is presented with the question of whether a certain judicially created rule under the 1939 Internal Revenue Code, known as the Kimbell-Diamond doctrine, retains continuing viability under the 1954 code. We resolve both issues in the negative.
The present situation concerns the acquisition of six aircraft businesses owned or controlled by Clarence E. Page and the subsequent tax consequences. In 1972,…
2Cases cited33 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Northern Securities Co. v. United StatesSupreme Court of the United States · 1904
- Kimbell-Diamond Milling Co. v. Comm'rUnited States Tax Court · 1950
- Kimbell-Diamond Milling Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1951
28 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Associated Wholesale Grocers, Inc., and Its Subsidiary, Super Market Developers, Inc. v. United StatesCourt of Appeals for the Tenth Circuit · 1991
- Security Industrial Insurance Company v. United StatesCourt of Appeals for the Fifth Circuit · 1983
- Hideca Petroleum Corp. v. Tampimex Oil International, Ltd., Texas Court of Appeals, 1st District (Houston)1987
- Flintridge Station Associates v. American Fletcher Mortgage Company and American Fletcher National BankCourt of Appeals for the Seventh Circuit · 1985
- Engel v. Teleprompter Corp.Court of Appeals for the Fifth Circuit · 1983
10 more not listed; retrieve them via the Exa API.