Excerpt from Reorganizations, Mergers, or Consolidations: Excerpts From the Federal Revenue Act of 1918, Bearing on the Subject, Together With Department Regulations and Rulings (the Data Herein Contained Is Official to March 15, 1921)
The change of domicile took place in 191... 6, and the Committee has considered a number of precedents established under the acts of 1913 and 1916 with regard to the treatment of essentially similar transactions. It finds that under such conditions it was the practice of the Bureau to require only one return as covering the income of both the old and the new corporation. It also finds that in numer ous cases it was held that no income accrued to the stockholders by reason of exchange of their stock in the old for stock in the new corporation.
The Committee is of the opinion that it is not necessary to make any radical departure from the distinct entity theory which has been the guide of the bureau in the past, but feels that where there is merely a transfer of domicile through the surrender of the charter issued in one State and the taking out of a new charter in another State, without any change in the business or amount of the capital and surplus of the corporation, that the new company is entitled to the same invested capital as the old.
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