United States Trust Co. v. Commissioner of Corporations & Taxation

These are three appeals under G. L. (Ter. Ed.) c. 58A, § 13, from the refusal of the Board of Tax Appeals to grant an abatement of taxes assessed by the appellee on income received by the appellants in each case during the year 1933. Each of the two individual appellants was a resident of this Commonwealth and the owner of one hundred shares of common stock in the Home Electric Light and Power Equipment Company, a corporation organized under the laws of this Commonwealth in 1916, acquired by each of them by gift in 1931. The individual appellants and the corporate appellant were, during 1933,…