Commissioner of Corporations & Taxation v. Morgan

This is an appeal by the commissioner of corporations and taxation from a decision of the Appellate Tax Board granting abatement of an additional tax assessed in 1937 on income received by Paul B. Morgan — herein referred to as the taxpayer — during the year 1936. G. L. (Ter. Ed.) c. 58A. St. 1937, c. 400.

The decision was right.

During the calendar year 1936 the taxpayer, a resident of the Commonwealth, owned three hundred twenty-nine shares of seven per cent cumulative preferred stock in the Graton & Knight Company of Worcester, a Massachusetts *306corporation — herein referred to as the…