United States Board of Tax Appeals March 15, 1935, Docket No. 72200. (Handbird Holding Corp. v. Commissioner)

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Matthews :

The record clearly establishes, and it is not denied by the petitioner, that all of the steps set out in our findings were part, of one plan and purpose, to effect a stepped-up basis for the property sold and thus to avoid or at least to “ postpone ” the tax upon the profit from the sale of the assets belonging to Greason, Son & Dal-zell, Inc.