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New Colonial Ice Co. v. Helvering

292 U.S. 435 (1934)

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New Colonial Ice Co. v. Helvering

United States Supreme Court

292 U.S. 435 (1934)

Facts

A New York corporation in the business of distributing ice fell into financial hardship. The corporation’s stockholders and creditors believed, however, that the ice-distribution business could still be profitable if the corporation were transferred to a new corporate entity. The stockholders and creditors came to an agreement to form New Colonial Ice Company, Inc. (New Colonial) (plaintiff), which acquired all of the old corporation’s assets and assumed its liabilities. New Colonial stock was issued share to share to the stockholders of the old corporation, and the old corporation’s shares were retired. At the time of the reorganization, the old corporation had unused taxable losses. New Colonial realized net income in the first few years after the transfer and sought to use the old corporation’s losses to deduct from its taxable income. The Internal Revenue Service (IRS) (defendant) disallowed the deductions. The United States Board of Tax Appeals and the Second Circuit ruled in favor of the IRS, and New Colonial appealed to the United States Supreme Court.

Rule of Law

Issue

Holding and Reasoning (Van Devanter, J.)

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