Pinellas Ice & Cold Storage Co. v. CommissionerAnnotate this Case
287 U.S. 462 (1933)
U.S. Supreme Court
Pinellas Ice & Cold Storage Co. v. Commissioner, 287 U.S. 462 (1933)
Pinellas Ice & Cold Storage Co. v. Commissioner
Argued December 12, 13, 1932
Decided January 9, 1933
287 U.S. 462
CERTIORARI TO THE CIRCUIT COURT OF APPEALS
FOR THE FIFTH CIRCUIT
1. A sale by one corporation to another of all of its property for a money consideration part in cash and the remainder to be paid in installments, evidenced meanwhile by the promissory notes of the vendee, held not to be an "exchange" of property for cash and "securities" by a "party to a reorganization," within the meaning of § 203(b)(3)(h) of the Revenue Act of 1926, which provides that in the transactions to which it refers the gain or loss shall not be considered in computing the income tax of the transferor. P. 287 U. S. 468.
2. To constitute a "reorganization" within the meaning of § 203(b)(3)(h)(A) of the Revenue Act of 1926, it is not essential that there be a merger or consolidation in the technical sense. P. 287 U. S. 469.
57 F.2d 188 affirmed.
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