Collins v. Oklahoma Tax Commission

Plaintiff in error, herein designated Taxpayer, has appealed directly from an order of the Oklahoma Tax Commission, hereafter referred to as the Commission, denying Taxpayer’s protest against assessment of ($21,770.64) additional income tax and interest for year 1959. This assessment was entered by reason of Taxpayer’s transfer of (26,592) stock shares of Liberty Glass Company, pursuant to a written settlement agreement incident to divorce.

The single issue is whether transfer of stock under these circumstances constituted a sale or exchange within the meaning of applicable provisions of our…