Maxwell, Comr. of Revenue v. . Tull

Tbe pertinent clause in section 311% of tbe Bevenue Act of 1935 is, that “income from stock in foreign corporations, either in casb or stock dividends, . . . shall be subject to a tax of six per cent,” etc.

It is tbe position of tbe petitioner that tbe Coca-Cola stock received by her from tbe Olympia Investment Corporation in 1935 was neither a “casb” dividend nor a “stock” dividend of tbe disbursing corporation, and that therefore it was not subject to tax under tbe above provision of tbe Bevenue Act.

Tbe respondent concedes that it was not a stock dividend, Trust Co. v. Mason, 152 N. C., 660,…