May v. Commissioner
United States Board of Tax Appeals
A corporation exchanged most of its assets for cash and stock of another corporation and pursuant to a plan of complete liquidation distributed assets to its stockholders in liquidation of its capital stock. A fund left for the payment of creditors was dissipated so that the Federal income tax liability was never paid.
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A corporation exchanged most of its assets for cash and stock of another corporation and pursuant to a plan of complete liquidation distributed assets to its stockholders in liquidation of its capital stock. A fund left for the payment of creditors was dissipated so that the Federal income tax liability was never paid. Held, that all stockholders receiving distributions in complete liquidation of their stock are liable as transferees of the corporation, since a stockholder is not entitled to receive in such complete liquidation any assets of a corporation until all of its obligations to…
1Opinion of the Court
BENJAMIN E. MAY, PETITIONER, ET AL., 1v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
May v. Commissioner
Docket Nos. 76785, 76880, 76881, 76882, 76883.
United States Board of Tax Appeals
35 B.T.A. 84; 1936 BTA LEXIS 564;
November 18, 1936, Promulgated
A corporation exchanged most of its assets for cash and stock of another corporation and pursuant to a plan of complete liquidation distributed assets to its stockholders in liquidation of its capital stock. A fund left for the payment of creditors was dissipated so that the Federal income tax liability was never paid. Held, that all stockholders…
2Cases cited15 opinions
- Sanger v. UptonSupreme Court of the United States · 1875
- Wood v. DummerU.S. Circuit Court for the District of Maine · 1824
- Hospes v. Northwestern Manuf'g & Car Co.Supreme Court of Minnesota · 1892
- Hightower v. ThorntonSupreme Court of Georgia · 1850
- Fitzpatrick v. McGregorSupreme Court of Georgia · 1909
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