Commissioner of Internal Revenue v. Trustees Common Stock John Wanamaker Philadelphia
U.S. Court of Appeals for the Third Circuit
Commissioner of Internal Revenue v. Trustees Common Stock John Wanamaker Philadelphia, 178 F.2d 10 (3d Cir. 1949)
38 A.F.T.R. (P-H) 1014; 1949 U.S. App. LEXIS 4286
Commissioner of Internal Revenue v. Trustees Common Stock John Wanamaker Philadelphia
Opinion
The sole question in this case is whether cash receipts by the taxpayers resulting from the sale by them of stock in a corporation to its wholly owned subsidiary are taxable as dividends under Section 115(g) of the Internal Revenue Code, 26 U.S.C.A. § 115(g). Upon the authority of Mead Corporation v. Commissioner of Internal Revenue, 3 Cir. 1940, 116 F.2d 187, and for the reasons well stated in the opinion filed by Judge Opper for the Tax Court in banc, 11 T.C. 365, we hold that they are not so taxable.
The decision of the Tax Court will be affirmed.
Reference
- Full Case Name
- COMMISSIONER OF INTERNAL REVENUE v. TRUSTEES COMMON STOCK JOHN WANAMAKER PHILADELPHIA Et Al.
- Cited By
- 33 cases
- Status
- Published