Boston Safe Deposit & Trust Co. v. Commissioner of Corporations & Taxation

These are complaints for abatements of income taxes. G. L. c. 62, § 47, as amended by St. 1926, c. 287, § 3. An income tax was assessed by the defendant on the distribution to the complainants as stockholders in the Pullman Company, an Illinois corporation, of one half share of the stock of Pullman Incorporated, a Delaware corporation, as dividend upon each share of stock of the Pullman Company owned by them. The validity of this tax is challenged. The relevant facts are these: The-complainants, prior to the events here pertinent, were owners of shares of stock in the Pullman Company. The…