Robinson v. Commissioner of Internal Revenue

BRYAN, Circuit Judge.

The Coca-Cola Company, a corporation with a million shares of common stock outstanding, on January 15, 1929, declared a stock dividend of an equal number of shares of “class A” stock which it issued, share for share, to the common stockholders, at the samo time offering in writing to purchase, on or before March 16, 1920, at $50 per share as much as 20 per cent, of class A stock issued to any and all stockholders. The company stated in its annual report to its stockholders for 1929 that it had purchased approximately 20 per cent, of tho class A stock. Its books show that…