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KANSAS SAND AND CONCRETE, INC. v. C. I. R.

No. 71-1662.

462 F.2d 805 (1972)

KANSAS SAND AND CONCRETE, INC., Transferee and Kansas Sand and Concrete, Inc., Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Tenth Circuit.

Rehearing Denied August 25, 1972.

Attorney(s) appearing for the Case

Murray F. Hardesty, Topeka, Kan., for appellants.

John A. Townsend, Tax Div., Dept. of Justice, Washington, D. C. (Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks and Ernest J. Brown, Tax Div., Dept. of Justice, Washington, D. C., on the brief), for appellee.

Before JONES, McWILLIAMS and BARRETT, Circuit Judges.

BARRETT, Circuit Judge.

Kansas Sand and Concrete, Inc. (taxpayer) appeals from a ruling by the Tax Court that the basis in the assets it acquired from its subsidiary is measured by reference to its basis in the subsidiary's stock prior to distribution and came within Section 334(b) (2) of the Internal Revenue Code. 56 T.C. 522 (1971). The Government determined deficiencies in the taxpayer's income taxes of $10,711.27 and $12,162.28...

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