Alcoma Corp. v. Ackerman

Plaintiff and defendants both move for summary judgment in this action for a declaratory judgment and for injunctive relief.

There is no dispute about the facts. The only questions presented are ones of law.

Defendant corporation’s principal asset is real property which has been leased for mining purposes until May 31, 1991. The company’s principal activity is the collection and distribution to the stockholders of the royalties accruing under the lease. *679In order to avoid the. Federal corporate income tax, a plan of liquidation was approved by the board of directors, on September 22, 1959, which…