Hyman v. Commissioner
United States Board of Tax Appeals
The redemption and cancellation by a corporation of 97 1/2 percent of its outstanding shares, all of which were owned by petitioner, held, upon respondent's determination, to be essentially the equivalent of a taxable dividend to the extent of the corporation's surplus, and by section 115(g), Revenue Act of 1928, such amount held taxable to petitioner as an ordinary dividend.
1Opinion of the Court
GEORGE HYMAN, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hyman v. Commissioner
Docket No. 54674.
United States Board of Tax Appeals
28 B.T.A. 1231; 1933 BTA LEXIS 1040;
August 22, 1933, Promulgated
The redemption and cancellation by a corporation of 97 1/2 percent of its outstanding shares, all of which were owned by petitioner, held, upon respondent's determination, to be essentially the equivalent of a taxable dividend to the extent of the corporation's surplus, and by section 115(g), Revenue Act of 1928, such amount held taxable to petitioner as an ordinary dividend.
R. Kemp…
2Cases cited1 opinion
- Hyman v. CommissionerUnited States Board of Tax Appeals · 1933