Rose v. Little Inv. Co.

SIBLEY, Circuit Judge.

Little Investment Company owned, in the year 1924, 2,672 shares of stock in another domestic corporation, Kincaid Manufacturing Company. During that year, by a transaction now conceded to be a reorganization within the meaning of the income tax statutes, all the stock of Kincaid Manufacturing Company was, along with all its assets remaining after the declaration of a certain dividend, trans-. ferred to another corporation, which was renamed Georgia-Kincaid Mills, in return for preferred stock in and certain cash and notes of the latter, all of which were distributed to…