Treatment of Assumption of Liabilities under Section 357(c) - Equity in Search of a Rationale
Loading...
Authors
Houghton, David S.
Issue Date
1977
Volume
10
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
INTRODUCTION|Tax-free incorporations under the provisions of sections 351-363 have long served their congressionally purposed function of making the businessman's decision regarding the initial or a change of business "form" as free from income tax considerations as possible. The basic premise of the statute is that a change in the form of the business is not an appropriate time to tax the exchange of assets. The announced purpose of enacting the predecessor to section 351 was to remove the uncertainty of the law and to facilitate business readjustments. As with any statute, experience revealed deficiencies which had to be dealt with by subsequent corrective legislation. Thus, the growth of the provisions of the tax-free incorporation scheme has proceeded in piecemeal fashion, responding to problems as they were perceived and as suitable resolutions of those problems were devised...
Description
Citation
10 Creighton L. Rev. 678 (1976-1977)
Publisher
Creighton University School of Law