Barnsdall Refining Corp. v. Cushman-Wilson Oil Co.
1938.C08.40121 97 F.2D 481
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- 0,99 €
Publisher Description
These cases raise the single question of whether taxpayers who exchanged certain shares of stock for other stock in 1929 and failed to report in that year as income the difference between the cost of the shares exchanged and the market value of the shares received, are precluded, in determining the gain on the sale of the stock in 1930, from using as a basis the market value of the stock when received in 1929. The Board of Tax Appeals decided that the taxpayers were not so precluded, and the Commissioner of Internal Revenue is here for review of that decision.