Coon Run Fuel Co. v. Commissioner
United States Tax Court
Gain or Loss -- Basis -- Prior Owner -- Section 112 (b) (4), (5). -- Where one corporation permanently lost all of its properties through a sale to the state for delinquent taxes and another corporation acquired those properties by purchase from the state owners, the basis of the first corporate owner does not carry over to the other corporation.
1Opinion of the Court
Coon Run Fuel Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Coon Run Fuel Co. v. Commissioner
Docket No. 37297
United States Tax Court
20 T.C. 122; 1953 U.S. Tax Ct. LEXIS 188;
April 21, 1953, Promulgated
Decision will be entered for the respondent.
Gain or Loss -- Basis -- Prior Owner -- Section 112 (b) (4), (5). -- Where one corporation permanently lost all of its properties through a sale to the state for delinquent taxes and another corporation acquired those properties by purchase from the state owners, the basis of the first corporate owner does not carry over to the…
2Cases cited6 opinions
- Helvering v. HammelSupreme Court of the United States · 1941
- Helvering v. Nebraska Bridge Supply & Lumber Co.Supreme Court of the United States · 1941
- McCarty v. Cripe, Collector of Internal RevenueCourt of Appeals for the Seventh Circuit · 1953
- Adwood Corp. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1952
- Adwood Corp. v. CommissionerUnited States Tax Court · 1950
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