Summary

US Supreme Court United States Reports: Cases Adjudicated in the Supreme Court at October Term 1921 (1922)

The court, in the absence of any request of the defendant, held the sale void, saying:
"Statutes fixing the place of sale of lands under executions are mandatory, and not merely directory; and it is the imperative duty of officers to make such sales at the very place designated, and a sale made at any other place is not voidable merely but absolutely null and void. The place of sale is the very, essence of the sale, and strict compliance with the statute is absolutely essential in order to transfer a good title to realty."
Source: Wikisource

US Supreme Court United States Reports: Cases Adjudicated in the Supreme Court at October Term 1921 (1922)

In adopting a state statute as a guide to the conduct of the business of a United States court and its officers, service on a state municipal corporation specified by a state statute is a very different matter from the fixing of the place for performing the functions of the United States court and its officers. The corporation is completely the creature of a State, and it is usually within the function of the creator to say how the creature shall be brought before judicial tribunals.
Source: Wikisource

US Supreme Court United States Reports: Cases Adjudicated in the Supreme Court at October Term 1921 (1922)

And further, "It seems incredible that Congress intended to tax as income a business transaction which admittedly produced no gain, no profit, and hence no income. If any income had accrued to the plaintiff by reason of the sale and exchange made it would doubtless be taxable."
There were perfectly good reasons for the reorganization and the good faith of the parties is not questioned.
Source: Wikisource

Get perspective with Kwize: daily news enlightened by great literature