W. B. Fultz v. Anzac Oil Corporation

JOHN R. BROWN, Circuit Judge.

The sole question in this case is whether treasury stock held by a corporation in liquidation passes as an “asset” under a contract of sale of all of the corporation’s assets.

The facts are very simple: the Board of Directors of Anzac, the corporation, called a special meeting of the stockholders to act upon a proposal to liquidate the corporation and, under the privileges of § 337, 1954 Internal Revenue Code, 26 U.S.C.A. § 337, effect a sale of the corporate assets to permit complete distribution within twelve months without a double, taxable gain under the Court…