Warden v. Commissioner
United States Board of Tax Appeals
Where a corporation sells a part of its assets and the amount received therefor is paid directly to two stockholders owning all the stock except a single qualifying share, the transaction is a sale by the corporation and the profit realized, if any, is an element of its gross income.
1Opinion of the Court
*26OPINION.
Lansdon :
At the hearing of the proceeding at Docket No. 32596, the respondent moved to dismiss alleging that the petition was not filed by any person authorized by the laws of Oklahoma to act for a dissolved corporation. Section 5361, Compiled Statutes of Oklahoma, annotated (1921), provides:
*27Unless other persons are appointed by the court, the directors or managers of the affairs of such corporation at the time of its dissolution are trustees of the creditors and stockholders or members of the corporation dissolved, and have full power to settle the affairs of the corporation, and to…
2Cases cited2 opinions
- Doyle v. Mitchell Brothers Co.Supreme Court of the United States · 1918
- Douglas v. EdwardsCourt of Appeals for the Second Circuit · 1924
3Cited by4 opinions
- Nace Realty Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Georgia Sav. Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Georgia Savings Bank & Trust Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Warden v. CommissionerUnited States Board of Tax Appeals · 1931