Bruckheimer v. Commissioner
United States Board of Tax Appeals
A corporation reacquired some of its own stock by purchase for cash from its surplus. The reacquired stock, treasury stock, was distributed pro rata to all the stockholders. All the stock was common stock. Held, the distribution of the treasury common stock to the holders of common stock did not constitute income to the distributees.
1Opinion of the Court
DAVID BRUCKHEIMER, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Bruckheimer v. Commissioner
Docket No. 102343.
United States Board of Tax Appeals
46 B.T.A. 234; 1942 BTA LEXIS 889;
February 3, 1942, Promulgated
A corporation reacquired some of its own stock by purchase for cash from its surplus. The reacquired stock, treasury stock, was distributed pro rata to all the stockholders. All the stock was common stock. Held, the distribution of the treasury common stock to the holders of common stock did not constitute income to the distributees.
Andrew B. Trudgian, Esq., and Sidney I.…
2Cases cited4 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Koshland v. HelveringSupreme Court of the United States · 1936
- Iverson v. CommissionerUnited States Board of Tax Appeals · 1934
- Bruckheimer v. CommissionerUnited States Board of Tax Appeals · 1942