State Revenue Commission v. Glenn

The State Revenue Commission made an assessment against T. K. Glenn, the defendant, for income taxes for the year 1935. In December, 1932, the defendant organized under the laws of Delaware a corporation known as Walhalla Investment Company. The defendant owned 98 shares of stock and was the beneficiary owner of the two remaining shares. In order to obtain this stock, the defendant (hereafter called the taxpayer) on January 3, 1933, conveyed four tracts of land to said corporation in consideration of its stock. The taxpayer said three parcels of said land were bought before 1931, and that its…