Burns v. Commissioner
United States Board of Tax Appeals
The stockholders of B agreed with Bassick to sell all of the common stock of B for a stated price payable at their option in cash, or half in cash and half in stock of a new corporation which Bassick and a banking firm proposed to organize to acquire such common stock and part of the stock of C. Bassick organized the new corporation with an authorized common capital stock of 200,000 shares.
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The stockholders of B agreed with Bassick to sell all of the common stock of B for a stated price payable at their option in cash, or half in cash and half in stock of a new corporation which Bassick and a banking firm proposed to organize to acquire such common stock and part of the stock of C. Bassick organized the new corporation with an authorized common capital stock of 200,000 shares. He delivered all of the common stock of B to the new corporation and received 147,500 shares of its common stock and its promissory notes. Several days later the bankers delivered part of the stock of C to…
1Opinion of the Court
WILBUR F. BURNS, PETITIONER, ET AL., 1v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Burns v. Commissioner
Docket Nos. 36661, 36793-36797, 36799, 36800, 36805, 36807, 37042, 37758.
United States Board of Tax Appeals
30 B.T.A. 163; 1934 BTA LEXIS 1358;
March 27, 1934, Promulgated
The stockholders of B agreed with Bassick to sell all of the common stock of B for a stated price payable at their option in cash, or half in cash and half in stock of a new corporation which Bassick and a banking firm proposed to organize to acquire such common stock and part of the stock of C. Bassick organized the new…
2Cases cited1 opinion
- Burns v. CommissionerUnited States Board of Tax Appeals · 1934