Estate of Stoll v. Commissioner
United States Tax Court
John G. Stoll owned the Lexington Herald and the Lexington Leader, which published a daily morning and afternoon newspaper, respectively, as well as a combined Sunday edition. The newspapers were operated as an individual proprietorship until October 1953, at which time the Lexington Herald-Leader Co. was formed. To this corporation were transferred the operating assets of the newspapers. Stoll took back all of the stock.
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John G. Stoll owned the Lexington Herald and the Lexington Leader, which published a daily morning and afternoon newspaper, respectively, as well as a combined Sunday edition. The newspapers were operated as an individual proprietorship until October 1953, at which time the Lexington Herald-Leader Co. was formed. To this corporation were transferred the operating assets of the newspapers. Stoll took back all of the stock. In addition, the corporation assumed a total of $ 1,015,000 of his liabilities, composed of $ 600,000 obtained in refinancing just prior to incorporation and secured by…
1Opinion of the Court
Bruce, Judge:
Respondent determined deficiencies in petitioners’ income taxes and additions to taxes for the years and in the amounts which follow:
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By their supplemental stipulation of facts the parties have limited the issues to the following: (1) Whether the transfer by John Stoll of the assets of his newspaper business with a basis of $663,879.95 to the Lexington Ilerald-Leader Co. in exchange for all of its stock and the assumption by it of his liabilities in the amount of $1,015,000 was a nontaxable exchange within the provisions of section 112(b)(5), I.R.C. 1939;1 and (2)…
2Cases cited12 opinions
- Gould v. GouldSupreme Court of the United States · 1917
- United States v. PriceSupreme Court of the United States · 1960
- Penn Mutual Life Insurance v. LedererSupreme Court of the United States · 1920
- Easson v. CommissionerUnited States Tax Court · 1960
- Fisher Flouring Mills Company, a Corporation v. United StatesCourt of Appeals for the Ninth Circuit · 1959
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3Cited by21 opinions
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Estate of De Bie v. CommissionerUnited States Tax Court · 1971
- Uhlenbrock v. CommissionerUnited States Tax Court · 1977
- Knowlton v. CommissionerUnited States Tax Court · 1985
- Ellis Campbell, Jr., District Director of Internal Revenue v. Clifford W. Wheeler and Lillian v. Wheeler, AppellesCourt of Appeals for the Fifth Circuit · 1965
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