American Bantam Car Company v. Commissioner of Internal Revenue

Third Circuit

American Bantam Car Company v. Commissioner of Internal Revenue

177 F.2d 513

CourtCourt of Appeals for the Third Circuit

DecidedNovember 14, 1949

Docket9989

StatusPublished

Cited by3 cases

This text of 177 F.2d 513 (American Bantam Car Company v. Commissioner of Internal Revenue) is published on Counsel Stack Legal Research, covering Court of Appeals for the Third Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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American Bantam Car Company v. Commissioner of Internal Revenue, 177 F.2d 513 (3d Cir. 1949).

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Opinion

PER CURIAM.

The controlling question in this case is i whether the exchange under which the assets of the taxpayer corporation were acquired upon its organization in exchange for its stock was one in which neither gain nor loss was to be recognized under Section 112(b) (5) of the Revenue Act of 1936, 26 U.S.C.A. § 112(b) (5). We are satisfied for the reasons well stated in the opinion filed by Judge Hill for the Tax 'Court in banc, 11 T.C. 397, that the transaction in question was such an exchange and that the assets accordingly took in the hands of the corporation the basis which they had in the hands of the transferors pursuant to Section 113(a) (8) (A) of the Internal Revenue Code, 26 U.S.C.A. § 113(a) (8) (A).

The decision of the Tax Court will be affirmed.

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PER CURIAM.

The controlling question in this case is i whether the exchange under which the assets of the taxpayer corporation were acquired upon its organization in exchange for its stock was one in which neither gain nor loss was to be recognized under Section 112(b) (5) of the Revenue Act of 1936, 26 U.S.C.A. § 112(b) (5). We are satisfied for the reasons well stated in the opinion filed by Judge Hill for the Tax 'Court in banc, 11 T.C. 397, that the transaction in question was such an exchange and that the assets accordingly took in the hands of the corporation the basis which they had in the hands of the transferors pursuant to Section 113(a) (8) (A) of the Internal Revenue Code, 26 U.S.C.A. § 113(a) (8) (A).

The decision of the Tax Court will be affirmed.

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177 F.2d 513, Counsel Stack Legal Research, https://law.counselstack.com/opinion/american-bantam-car-company-v-commissioner-of-internal-revenue-ca3-1949.

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