Shaffer v. Commissioner
United States Board of Tax Appeals
1. The sale by the petitioner of common stock and bonds of a corporation for cash and preferred stock of the same corporation, thereafter to be authorized and issued to the purchaser, or of its successor if such successor were organized, neither the corporation nor its successor being parties to the transaction, was not an exchange in pursuance of a plan of reorganization, within the meaning of section 203(b)(2) and (f) of the Revenue Act of 1924, and the loss sustained upon…
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1. The sale by the petitioner of common stock and bonds of a corporation for cash and preferred stock of the same corporation, thereafter to be authorized and issued to the purchaser, or of its successor if such successor were organized, neither the corporation nor its successor being parties to the transaction, was not an exchange in pursuance of a plan of reorganization, within the meaning of section 203(b)(2) and (f) of the Revenue Act of 1924, and the loss sustained upon the sale of the securities is to be recognized, under section 203(a), in computing taxable net income. 2. Held, that,…
1Opinion of the Court
JOHN C. SHAFFER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Shaffer v. Commissioner
Docket Nos. 50086, 59511.
United States Board of Tax Appeals
28 B.T.A. 1294; 1933 BTA LEXIS 1020;
August 31, 1933, Promulgated
1. The sale by the petitioner of common stock and bonds of a corporation for cash and preferred stock of the same corporation, thereafter to be authorized and issued to the purchaser, or of its successor if such successor were organized, neither the corporation nor its successor being parties to the transaction, was not an exchange in pursuance of a plan of reorganization,…
2Cases cited2 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Shaffer v. CommissionerUnited States Board of Tax Appeals · 1933