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HELVERING V. BASHFORD, 302 U. S. 454 (1938)

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U.S. Supreme Court

Helvering v. Bashford, 302 U.S. 454 (1938)

Helvering v. Bashford

No. 33

Argued October 21, 1937

Reargued December 15, 1937

Decided January 3, 1938

302 U.S. 454

Syllabus

The A corporation brought about a consolidation of three of its competitors into a new corporation, of which it became the owner of all the preferred shares and 57% of the common shares. Stockholders of the consolidated companies received, in exchange for their shares, shares of the new corporation, shares of the A corporation, and cash which the A corporation supplied. Held, the A corporation was not a "party to a reorganization" under § 112(b)(3) of the Revenue Act of 1928; its shares received by stockholders of the consolidated companies were "other property" under § 112(c)(1), and gain thereon was taxable. Following Groman v. Commissioner, ante, p. 302 U. S. 82. P. 302 U. S. 458.

87 F.2d 827 reversed.

Certiorari, 301 U. S. 78, to review a judgment affirming a decision of the Board of Tax Appeals, 33 B.T.A. 10, chanrobles.com-red

Page 302 U. S. 455

which reversed an order of the Commissioner assessing a deficiency in income tax.


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