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
OPINION.
Murdock, Judge:
The parties filed an eight-page stipulation of facts and ten attached exhibits. The stipulation provides that the facts therein “shall be taken as true, provided, however, that this stipulation does not waive the right of either party to introduce other evidence not at variance with the facts herein stipulated * * The only witness to testify was Velma Karkosiak Hudoc. She had been secretary to Williams from 1917 until his death on January 13, 1936, and thereafter became secretary of the petitioner. She gave some testimony for the petitioner which must be disregarded in…
2Cases cited5 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
3Cited by1 opinion
- Coon Run Fuel Co. v. CommissionerUnited States Tax Court · 1953