Palmetto Quarries Co. v. Commissioner
United States Board of Tax Appeals
The distribution of corporate assets by one domestic corporation to another, together with a pro rata portion of the accumulated profits of such corporation, in the cancellation or redemption of its capital stock is, under the facts of this case, a distribution in partial liquidation as defined in subdivision (h) of section 115 of the Revenue Act of 1928.
1Opinion of the Court
PALMETTO QUARRIES COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Palmetto Quarries Co. v. Commissioner
Docket No. 65683.
United States Board of Tax Appeals
30 B.T.A. 544; 1934 BTA LEXIS 1305;
April 27, 1934, Promulgated
The distribution of corporate assets by one domestic corporation to another, together with a pro rata portion of the accumulated profits of such corporation, in the cancellation or redemption of its capital stock is, under the facts of this case, a distribution in partial liquidation as defined in subdivision (h) of section 115 of the Revenue Act of 1928.
N. E.…
2Cases cited1 opinion
- Palmetto Quarries Co. v. CommissionerUnited States Board of Tax Appeals · 1934