Boston Safe Deposit & Trust Co. v. State Tax Commission

This is an appeal by testamentary trustees from the decision of the Appellate Tax Board refusing abatement of income taxes assessed, pursuant to G. L. c. 62, § 5 (c), as in effect on May 11, 1955, upon an exchange of shares in Pacific Coast Company (Pacific), a New Jersey corporation. Pacific made adjustments 1 of its shares as of May 11, 1955. See summary on pages 252-253. Prior to and after the reclassification, the trustees owned shares, each having an adjusted cost basis for Massachusetts income tax purposes of zero, as follows:

The trustees continued in possession of their old share…