Larson v. Tax Commission

The following opinion was filed November 7, 1939:

Wickhem, J.

This appeal involves a construction of sec. 71.02 (2) (b) 3, Stats. 1929. This paragraph reads as follows :

“Amounts distributed in liquidation of a corporation shall be treated as payment in exchange for the stock, and the.gain or loss to the distributee resulting from such exchange shall be determined under the provisions of this paragraph and section 71.02 (2) (d). No amounts received in liquidation shall be taxed as a gain until the distributee shall have received amounts in liquidation in excess of his cost or other income tax…