Wyche v. Commissioner
United States Board of Tax Appeals
On January 20, 1930, a corporation paid to its stockholders a cash dividend of $89,505 and petitioners in these proceedings received the amounts of such dividend set opposite their names in our findings of fact. The corporation was solvent when the dividend was paid and remained so for several months after the dividend was paid.
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On January 20, 1930, a corporation paid to its stockholders a cash dividend of $89,505 and petitioners in these proceedings received the amounts of such dividend set opposite their names in our findings of fact. The corporation was solvent when the dividend was paid and remained so for several months after the dividend was paid. Held, petitioners are not liable as transferees for the corporation's income taxes for the year 1930. Samuel Keller,21 B.T.A. 84; affd., 59 Fed.(2d) 499, followed. Benjamin E. May,35 B.T.A. 84, distinguished.
1Opinion of the Court
*418OPINION.
Black:
There are two questions presented by the pleadings for decision.(1) Are petitioners liable as transferees of the Sales-Walker Co.? The amount which each petitioner received of the January 20, 1930, dividend distribution is not in issue. Those amounts have been stipulated. Each petitioner does however dispute that he is liable as transferee for any amount.(2) If petitioners are liable as transferees, are they entitled to have the transferors’ tax liability for the year 1930 reduced by the allowance of 27½ per centum depletion of the $100,000 cash payment received from Phillips…
2Cases cited4 opinions
- Burnet v. LoganSupreme Court of the United States · 1931
- United States v. McHattonDistrict Court, D. Montana · 1920
- Boss v. United StatesCourt of Appeals for the Ninth Circuit · 1923
- United States v. Boss & Peake Automobile Co.District Court, D. Oregon · 1922
3Cited by14 opinions
- Estate of Glass v. CommissionerUnited States Tax Court · 1970
- Bellin v. CommissionerUnited States Tax Court · 1975
- Stuart v. CommissionerUnited States Tax Court · 2015
- Morrison Industries, Inc. v. CommissionerUnited States Tax Court · 1962
- Borall Corp. v. CommissionerUnited States Tax Court · 1946
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