[Download] "Hammond Iron Co. v. Commissioner of Internal Revenue." by United States Court of Appeals for the Fifth Circuit ~ eBook PDF Kindle ePub Free

June 30, 2021

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eBook details

Title: Hammond Iron Co. v. Commissioner of Internal Revenue.
Author : United States Court of Appeals for the Fifth Circuit
Release Date : January 09, 1941
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 66 KB

Description

Pursuant to a corporate resolution authorizing the president to purchase, for $103,231.01, 1,500 shares of its preferred and 500 shares of its common stock for the company, and to pay for it in cash or other assets of the company or both, petitioner transferred assets then worth that sum but which had cost it considerably more, thus sustaining an actual loss of $109,920.59. On the ground that the transfer to one of its stockholders of a portion of its assets in payment for 1,500 shares of its preferred and 500 shares of its common stoxk, was a partial liquidation of petitioner and not a sale of assets, giving rise to deductible losses, the commissioner rejected petitioners deduction as loss to it, of the difference between the cost and sale price of the assets and determined the deficiency accordingly.