Frischkorn Development Company v. Commissioner of Internal Revenue

Sixth Circuit

Frischkorn Development Company v. Commissioner of Internal Revenue

88 F.2d 1009, 19 A.F.T.R. (P-H) 244, 1937 U.S. App. LEXIS 3319

Court of Appeals for the Sixth Circuit·Decided March 11, 1937·No. 7139·Published·Cited by 8 cases

Opinion

ALLEN, Circuit Judge.

The court being of opinion that it is a question of fact whether the promissory note and the shares of stock received by the Frischkorn Homes Company as consideration for the transfer of all of its assets to the petitioner had a readily realizable market value within the meaning of section 202 (c) of the Revenue Act of 1921, 42 Stat. 229; and it appearing that it is a question of fact whether the taxpayer has expended all of the money received for real property taken in condemnation proceedings in the purchase of other property similar and related in use [section 203 (b) (5) of the Revenue Act of 1924, 43 Stat. 256] ; and there being substantial evidence to support the findings of the Board of Tax Appeals [Old Mission Portland Cement Co. v. Helvering, Commissioner, 293 U.S. 289, 294, 55 S.Ct. 158, 79 L.Ed. 649; Helvering, Commissioner, v. Rankin, Extr., 295 U.S. 123, 131, 55 S.Ct. 732, 79 L.Ed. 1343; Tracy v. Commissioner, 53 F.(2d) 575 (C.C.A.6)];

The order of the Board of Tax Appeals is affirmed for the reasons stated in its opinion. 30 B.T.A. 8.

Free access — add to your briefcase to read the full text and ask questions with AI

ALLEN, Circuit Judge.

The court being of opinion that it is a question of fact whether the promissory note and the shares of stock received by the Frischkorn Homes Company as consideration for the transfer of all of its assets to the petitioner had a readily realizable market value within the meaning of section 202 (c) of the Revenue Act of 1921, 42 Stat. 229; and it appearing that it is a question of fact whether the taxpayer has expended all of the money received for real property taken in condemnation proceedings in the purchase of other property similar and related in use [section 203 (b) (5) of the Revenue Act of 1924, 43 Stat. 256] ; and there being substantial evidence to support the findings of the Board of Tax Appeals [Old Mission Portland Cement Co. v. Helvering, Commissioner, 293 U.S. 289, 294, 55 S.Ct. 158, 79 L.Ed. 649; Helvering, Commissioner, v. Rankin, Extr., 295 U.S. 123, 131, 55 S.Ct. 732, 79 L.Ed. 1343; Tracy v. Commissioner, 53 F.(2d) 575 (C.C.A.6)];

The order of the Board of Tax Appeals is affirmed for the reasons stated in its opinion. 30 B.T.A. 8.

Frischkorn Development Company v. Commissioner of Internal Revenue, 88 F.2d 1009, 19 A.F.T.R. (P-H) 244, 1937 U.S. App. LEXIS 3319 (6th Cir. 1937).

Pincite

88 F.2d 1009 (Frischkorn Development Company v. Commissioner of Internal Revenue) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Opinion

Related