Commissioner of Internal Revenue v. Trustees Common Stock John Wanamaker Philadelphia
Commissioner of Internal Revenue v. Trustees Common Stock John Wanamaker Philadelphia
178 F.2d 10; 38 A.F.T.R. (P-H) 1014; 1949 U.S. App. LEXIS 4286
(Federal Reporter, Second Series)
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.
Case-law data current through December 31, 2025. Source: CourtListener bulk data.