Davis v. Oklahoma Tax Commission

DAVISON, Vice Chief Justice.'

This is an appeal by Kenneth W. Davis, Jr. (taxpayer) from an order of the Oklahoma Tax Commission assessing taxpayer the sum of $17,359.04 for additional income taxes for the year 1964.

The question presented is whether or not taxpayer was obligated to pay income tax on the net capital gain contained in the cash proceeds of the liquidation, in Texas, of all of the assets of Dorris Ballew, Inc., (a Texas corporation) which was paid to taxpayer in proportion to the shares of stock owned by taxpayer in the corporation. Taxpayer contends that the stock he owned in…