Oak Commercial Corp. v. Commissioner
United States Tax Court
Petitioner Aramo-Stiftung, a foreign foundation, through bankers in Switzerland, placed dividend-producing securities in the names of brokers in New York. Dividends were paid to the brokers. Question as to the identity of the owner of the securities arose, and in 1945 the brokers refused to pay the dividends to the petitioner until proof of identity of the owner was made. During the taxable years, 1940-1943, no demand for payment of the dividends to the petitioner is shown.
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Petitioner Aramo-Stiftung, a foreign foundation, through bankers in Switzerland, placed dividend-producing securities in the names of brokers in New York. Dividends were paid to the brokers. Question as to the identity of the owner of the securities arose, and in 1945 the brokers refused to pay the dividends to the petitioner until proof of identity of the owner was made. During the taxable years, 1940-1943, no demand for payment of the dividends to the petitioner is shown. Held, on the facts that no error is shown in the determination that the petitioner was taxable on the dividends and…
1Opinion of the Court
OPINION.
Disney, Judge:
The first issue for our determination is whether the respondent erred in determining that petitioner Aramo-Stiftung is subject to Federal income tax on dividends from stock of domestic corporations, in the amounts set forth above. The determination is presumed to be correct. To overcome the presumption, petitioner argues: “The assessment against Aramo-Stiftung was improper since it was with respect to dividends which, although claimed by Aramo-Stiftung as its property, were never paid to it and cannot be deemed to have been received by it” and “The assessment of any…
2Cited by15 opinions
- Romine v. Comm'rUnited States Tax Court · 1956
- Aramo-Stiftung v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1949
- De Soto Securities Company v. Commission of Internal RevenueCourt of Appeals for the Seventh Circuit · 1956
- Arc Realty Co. v. CommissionerUnited States Tax Court · 1960
- Oei Tjong Swan v. CommissionerUnited States Tax Court · 1955
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