Legal Opinion
Kelly v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided June 20, 1938No. 253PublishedCited by 10 opinions
1Opinion of the Court
MANTON, Circuit Judge.
A joint return was filed by the petitioners for 1932, wherein they claimed a capital íoss sustained upon surrender by the petitioner, Orie R. Kelly, of one-half of his stock in the County Trust Company of New York for $2,700 in cash and voting trust, certificates for 135 shares of stock of the County Improvement Corp., a subsidiary of the Trust Company.
On September 14, 1932 the Trust Company was capitalized for four million dollars, consisting of 160,000 shares of the par value of $25 each. About that time, by proper corporate action, it was reduced to two millions…
2Cases cited5 opinions
- Commissioner of Internal Revenue v. QuackenbosCourt of Appeals for the Second Circuit · 1935
- Commissioner of Internal Revenue v. BabsonCourt of Appeals for the Seventh Circuit · 1934
- Commissioner of Internal Revenue v. CordingleyCourt of Appeals for the First Circuit · 1935
- Hellman v. HelveringCourt of Appeals for the D.C. Circuit · 1934
- Commissioner of Internal Revenue v. RockwoodCourt of Appeals for the Seventh Circuit · 1936
3Cited by10 opinions
- Kirschenbaum v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1946
- Mills Estate, Inc. v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. Mills Estate, IncCourt of Appeals for the Second Circuit · 1953
- Northup v. United StatesCourt of Appeals for the Second Circuit · 1957
- Rheinstrom v. ConnerCourt of Appeals for the Sixth Circuit · 1942
- Patty v. HelveringCourt of Appeals for the Second Circuit · 1938
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