Howard v. Commissioner
United States Tax Court
Truax-Traer acquired 80.19 per cent of the only outstanding class of stock of Binkley for a part of its own voting stock and also acquired the remainder of the stock of Binkley and the stock of Pyramid, a subsidiary of Binkley, other than that owned by Binkley, for cash in a single transaction.
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Truax-Traer acquired 80.19 per cent of the only outstanding class of stock of Binkley for a part of its own voting stock and also acquired the remainder of the stock of Binkley and the stock of Pyramid, a subsidiary of Binkley, other than that owned by Binkley, for cash in a single transaction. Held, that the transaction did not constitute a nontaxable exchange under section 12 (b) (3), 1939 Code, to the extent that stock was exchanged for stock, since it did not qualify as a "reorganization" within the meaning of section 112 (g) (1) (B) which requires that such acquisition be solely for…
1Opinion of the Court
Hubert E. Howard and Helen B. Howard, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
Howard v. Commissioner
Docket Nos. 51709, 51710, 51711, 51712, 51713, 51714, 51830, 52869
United States Tax Court
24 T.C. 792; 1955 U.S. Tax Ct. LEXIS 123;
July 29, 1955, Filed
Decisions will be entered under Rule 50.
Truax-Traer acquired 80.19 per cent of the only outstanding class of stock of Binkley for a part of its own voting stock and also acquired the remainder of the stock of Binkley and the stock of Pyramid, a subsidiary of Binkley, other than that owned by Binkley, for cash in a…
2Cases cited18 opinions
- Weiss v. StearnSupreme Court of the United States · 1924
- Helvering v. Tex-Penn Oil Co.Supreme Court of the United States · 1937
- Helvering v. Southwest Consolidated Corp.Supreme Court of the United States · 1942
- Starr v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1936
- COMMISSION OF INT. REV. v. Air Reduction Co.Court of Appeals for the Second Circuit · 1942
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