Sconset Oil Co. v. Commissioner
United States Board of Tax Appeals
1. The basis for computing profit from the sale of assets acquired in exchange for all of petitioner's capital stock is the cost of such property to the prior owner. Section 204(a)(8) of the Revenue Act of 1926. 2. Validity of section 204(a)(8) of the Revenue Act of 1926 upheld.
1Opinion of the Court
SCONSET OIL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Sconset Oil Co. v. Commissioner
Docket No. 40527.
United States Board of Tax Appeals
26 B.T.A. 419; 1932 BTA LEXIS 1307;
June 15, 1932, Promulgated
1. The basis for computing profit from the sale of assets acquired in exchange for all of petitioner's capital stock is the cost of such property to the prior owner. Section 204(a)(8) of the Revenue Act of 1926.
2. Validity of section 204(a)(8) of the Revenue Act of 1926 upheld.
Robert D. Charlton, Esq., for the petitioner.
T. M. Mather, Esq., for the respondent.
LANSDON
The…
2Cases cited4 opinions
- Burlington Gazette Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Haas Bldg. Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- First National Bank in St. Louis v. CommissionerUnited States Board of Tax Appeals · 1931
- Sconset Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1932