Does a loss from a transfer of assets to a controlled corporation constitute a loss for tax purposes?
MultiRegion, United States of America
The following excerpt is from McCarthy v. Conley, 341 F.2d 948 (2nd Cir. 1965):
13 Even before the enactment of any applicable statute, a loss on a transfer by a taxpayer to his controlled corporation was not recognized for tax purposes. Higgins v. Smith, 308 U.S. 473, 476, 60 S.Ct. 355, 84 L.Ed. 406 (1940).
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