Burdick v. Commissioner
United States Board of Tax Appeals
1. TRANSFEREES - DIVIDEND - IMPAIRMENT OF CAPITAL STOCK. Section 40, chapter 53, of Barnes West Virginia Code prohibits a corporation chartered under West Virginia laws from paying a dividend which impairs the capital stock of the corporation, and provides that every stockholder who received any such dividend shall be liable to the creditors for the amount of the capital of the corporation so received by him.
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1. TRANSFEREES - DIVIDEND - IMPAIRMENT OF CAPITAL STOCK. Section 40, chapter 53, of Barnes West Virginia Code prohibits a corporation chartered under West Virginia laws from paying a dividend which impairs the capital stock of the corporation, and provides that every stockholder who received any such dividend shall be liable to the creditors for the amount of the capital of the corporation so received by him. Held, petitioners in this proceeding are liable as transferees of property under section 280 of the Revenue Act of 1926, to the extent of the percentage of the dividend which they…
1Opinion of the Court
R. E. BURDICK, PETITIONER, ET AL., 1v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Burdick v. Commissioner
Docket Nos. 27109-27116, 27274, 27324-27329.
United States Board of Tax Appeals
24 B.T.A. 1297; 1931 BTA LEXIS 1521;
December 24, 1931, Promulgated
1. TRANSFEREES - DIVIDEND - IMPAIRMENT OF CAPITAL STOCK. Section 40, chapter 53, of Barnes West Virginia Code prohibits a corporation chartered under West Virginia laws from paying a dividend which impairs the capital stock of the corporation, and provides that every stockholder who received any such dividend shall be liable to the creditors for…
2Cases cited18 opinions
- Phillips v. CommissionerSupreme Court of the United States · 1931
- United States v. UpdikeSupreme Court of the United States · 1930
- Camden v. StuartSupreme Court of the United States · 1892
- Fogg v. BlairSupreme Court of the United States · 1891
- United States v. GuinzburgCourt of Appeals for the Second Circuit · 1921
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