(DOWNLOAD) "Commissioner of Internal Revenue v. Whitaker." by United States Court of Appeals for the First Circuit # Book PDF Kindle ePub Free
eBook details
- Title: Commissioner of Internal Revenue v. Whitaker.
- Author : United States Court of Appeals for the First Circuit
- Release Date : January 28, 1938
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
This petition to review a decision of the Board of Tax Appeals relates to a transaction whereby in 1931 the taxpayer, Stella S. Whitaker, surrendered 1,000 shares of $6 preferred stock of the General Baking Corporation, a Maryland corporation, and received 1,500 shares of common stock of the General Baking Company, a New York corporation, $3,000 face value 5 1/2 per cent debenture bonds of the same company, $41.25 in cash, representing accrued interest on such debentures, and a further cash payment of $750. The Board of Tax Appeals held that the stock was surrendered pursuant to a plan of reorganization and that no gain was to be "recognized" under the Revenue Act of 1928, 45 Stat. 791. The Commissioner contends that what took place was merely the liquidation of the Maryland corporation, and that the amounts received are taxable accordingly.