Lynch v. State Board of Assessment & Review

There is no dispute as to the facts in this case, as they were the subject of a stipulation'entered into by the parties.

The Lynch Transfer Company was organized as an Iowa corporation in 1917, and issued stock of the par value of $27,600 of. which Donald R. Lynch, the plaintiff, owned in December, 1936 . stock with the par value, of. $6,000.

On January 1, 1934, the effective date of the Iowa income tax law, the corporation had a surplus of $11,058.54, and in December 1936, just prior to its dissolution, it had a surplus of $21,085.51.

On December 2, 1936, the stockholders voted tó dissolve the…