Philadelphia Park Amusement Co. v. United States

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that an amendment of a taxpayer's railway franchise to extend the term by ten years and transfer away ownership of a bridge constituted an exchange for tax purposes
• “the value of * * * two properties exchanged in an arm[’]s-length transaction are either equal in fact, or are presumed to be equal”
• absent a factual inquiry into whether a transaction was arms length, for purposes of determining the cost basis of property received in a taxable exchange the fair market value of the property received does not necessarily equal the fair market value of the property surrendered

Source: CourtListener parenthetical corpus (CC0).