Sears v. Commissioner of Corp. & Taxation

The trustees under the will of Arthur E. Childs, hereinafter called the taxpayers, appeal from a decision by a majority of the Appellate Tax Board refusing to abate an income tax assessed by the commissioner against the taxpayers on dividends received by the taxpayers in liquidation of the American Investment Securities Company, hereinafter called the securities company, a Maine corporation, in which the taxpayers held stock.

The decisive facts may be simply stated. On December 27, 1944, the day of its dissolution, the assets of the securities company consisted in part of cash on hand which…