Whitney Realty Co. v. Commissioner

MOORMAN, Circuit Judge.

Petitioners were stockholders of the Continental Lumber Company. At a stockholders’ meeting held December 12, -1927, the officers of the company were directed to convey all of its assets to Nathan T. Viger as trustee. At the same meeting the articles of incorporation were amended so as to terminate the company’s existence on December 26, 1927. On December 24 the company conveyed all of its real estate to Viger by ordinary form of warranty deed. On the same day it conveyed all of its personal property tó him “to take, hold and collect” and to distribute the proceeds…