Borall Corp. v. Commissioner
United States Tax Court
In pursuance of a plan of liquidation of the petitioner, Borall Corporation, the directors passed a resolution reciting that the corporation declare a "liquidating dividend of $8.00 per share payable in cash or in two (2) shares of Thompson Automatic Arms Corporation stock at the valuation of $4.00 per share * * *." In accordance therewith, some stockholders received stock and the corporation sold the remaining shares and paid the remaining stockholders their liquidating…
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In pursuance of a plan of liquidation of the petitioner, Borall Corporation, the directors passed a resolution reciting that the corporation declare a "liquidating dividend of $8.00 per share payable in cash or in two (2) shares of Thompson Automatic Arms Corporation stock at the valuation of $4.00 per share * * *." In accordance therewith, some stockholders received stock and the corporation sold the remaining shares and paid the remaining stockholders their liquidating dividend in cash. Upon the evidence, held: (1) That the sale was for and on behalf of the corporation and it is taxable on…
1Opinion of the Court
Borall Corporation et al. * v. Commissioner.
Borall Corp. v. Commissioner
Docket Nos. 2841, 2890, 2895.
United States Tax Court
1946 Tax Ct. Memo LEXIS 45; 5 T.C.M. (CCH) 933; T.C.M. (RIA) 46256;
October 30, 1946
In pursuance of a plan of liquidation of the petitioner, Borall Corporation, the directors passed a resolution reciting that the corporation declare a "liquidating dividend of $8.00 per share payable in cash or in two (2) shares of Thompson Automatic Arms Corporation stock at the valuation of $4.00 per share * * *." In accordance therewith, some stockholders received stock and the…
2Cases cited13 opinions
- Tide Water Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Davidson v. CommissionerSupreme Court of the United States · 1938
- Nace Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Sugar Creek Coal & Mining Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Northport Shores v. CommissionerUnited States Board of Tax Appeals · 1935
8 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Don v. CommissionerUnited States Tax Court · 1971