Taxation of Exchanges and Distributions Pursuant to Antitrust Decrees: Hearings Before the Committee on Ways and Means, House of Representatives, Eighty-sixth Congress, First Session on H.R. 8126 ... July 20 and 21, 1959U.S. Government Printing Office, 1959 - 100 pages Considers H.R. 8126 and five related bills, to amend Internal Revenue Code of 1954 to decrease taxes on moneys and/or property realized from court-ordered divestiture of stocks in antitrust suit. Focuses on court-ordered divestiture by E.I. du Pont de Nemours of its General Motors Corp. stock holdings. |
Common terms and phrases
acquiring corporation acquisition amended American Bar Association antitrust decree antitrust defendant antitrust enforcement antitrust laws antitrust order Bank Holding Company BICKS bill capital gains tax CHAIRMAN Clayton Act Commission Congress DANE Department of Justice distributed stock distributing corporation distribution of stock distributions pursuant divested stock divestiture decree dividend earnings and profits effect enactment equitable exchange for stock exchanges of property fair market value Federal Federal Communications Commission FORAND gain or loss GREENEWALT Hilton Hotels Corp holders Holding Company Act income tax Internal Revenue Code investment investors involuntary judgment legislation LENZ MAGILL MASON Motors stock nonrecognition of gain OBEDIENCE TO ORDER ordinary income percent Pont stock Pont stockholders poration proposed public utility holding recipient result sell Senator Frear shareholders Sherman Act SIMPSON situation statement stock distributed stock received Supreme Court tax consequences tax relief taxable income taxation taxpayer Thank tion transfer Utility Holding Company
Popular passages
Page 3 - ... at least 80 percent of the total combined voting power of all classes of stock entitled to vote, and at least 80 percent of the total number of shares of all other classes of stock (except nonvoting stock which is limited and preferred as to dividends...
Page 53 - Whether or not the distribution is pro rata with respect to all of the shareholders of the distributing corporation.
Page 31 - The judgment must therefore be reversed and the cause remanded to the District Court for a determination after further hearing of the equitable relief necessary and appropriate in the public interest to eliminate the effects of the acquisition offensive to the statute. The District Courts, in the framing of equitable decrees, are clothed "with large discretion to model their judgments to fit the exigencies of the particular case.
Page 53 - ... the basis of the property received shall, in the distributee's hands, be the same as the adjusted basis of the stock or securities exchanged, increased by...
Page 17 - In an equity suit, the end to be served is not punishment of past transgression, nor is it merely to end specific illegal practices. A public interest served by such civil suits is that they effectively pry open to competition a market that has been closed by defendants
Page 2 - controlled corporation') which it controls Immediately before the distribution, (B) the transaction was not used principally as a device for the distribution of the earnings and profits of the distributing corporation or the controlled corporation or both...
Page 53 - ... the basis of the property in the hands of the distributee shall be the adjusted basis of the stock with respect to which the distribution was made.
Page 33 - SEC — (a) Exchanges of stock or securities only. No gain or loss shall be recognized to the transferor if stock or securities in a corporation which is a registered holding company or a majority-owned...
Page 39 - Similarly, the fact that all concerned in high executive posts in both companies acted honorably and fairly, each in the honest conviction that his actions were in the best interests of his own company and without any design to overreach anyone, including du Font's competitors, does not defeat the Government's right to relief.
Page 53 - Secretary or his delegate that the retention by the distributing corporation of stock (or stock and securities) in the controlled corporation was not in pursuance of a plan having as one of its principal purposes the avoidance of...