Kansas, O. & G. R. Co. v. Commissioner
United States Board of Tax Appeals
AFFILIATION - WHAT STOCK IS INCLUDED IN 100 PERCENT FROM WHICH 95 PERCENT IS MEASURED UNDER SEC. 141(d) OF REVENUE ACTS OF 1932 AND 1934. - The 100 percent includes a small number of shares for which stock trust receipts issued in 1919 were never presented in exchange for stock certificates after the trust was terminated in 1931.
1Opinion of the Court
*1130OPINION.
Murdock:
The petitioner was organized under the laws of Oklahoma in 1919, to take over certain railroad properties pursuant to a plan of reorganization known as the “Hook Plan.” All of the preferred and common stock of the petitioner was placed in trust pursuant to that plan and stock trust receipts were issued to the persons entitled to the stock. Those receipts were issued in bearer form. The properties of the petitioner were placed in receivership in 1924. A further plan for readjusting the capital structure of the petitioner was agreed upon in order to avoid foreclosure. The plan…
2Cases cited4 opinions
- Richardson v. ShawSupreme Court of the United States · 1908
- Pacific National Bank v. EatonSupreme Court of the United States · 1891
- Winslow v. FletcherSupreme Court of Connecticut · 1886
- Black Eagle Mining Co. v. ConroySupreme Court of Oklahoma · 1923
3Cited by1 opinion
- Kansas, O. & G. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1940