Macon, D. & S. R. Co. v. Commissioner
United States Board of Tax Appeals
1. In the absence of considerations invoking equitable estoppel, held parol evidence offered by taxpayer is properly admissible to show that a transaction, described in certain written instruments as an absolute sale, with an option granted to the vendor to repurchase, was in fact intended and understood by the parties to be merely a transfer of shares of stock into the name of a nominee. 2. A parent corporation, owning more than 95 per centum of the capital stock of a…
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1. In the absence of considerations invoking equitable estoppel, held parol evidence offered by taxpayer is properly admissible to show that a transaction, described in certain written instruments as an absolute sale, with an option granted to the vendor to repurchase, was in fact intended and understood by the parties to be merely a transfer of shares of stock into the name of a nominee. 2. A parent corporation, owning more than 95 per centum of the capital stock of a subsidiary, transferred approximately 54 per centum of the subsidiary's stock into the name of a nominee. Held, (1) the…
1Opinion of the Court
MACON, DUBLIN & SAVANNAH RAILROAD COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Macon, D. & S. R. Co. v. Commissioner
Docket No. 90592.
United States Board of Tax Appeals
40 B.T.A. 1266; 1939 BTA LEXIS 739;
December 22, 1939, Promulgated
1. In the absence of considerations invoking equitable estoppel, held parol evidence offered by taxpayer is properly admissible to show that a transaction, described in certain written instruments as an absolute sale, with an option granted to the vendor to repurchase, was in fact intended and understood by the parties to be merely a…
2Cases cited9 opinions
- Corliss v. BowersSupreme Court of the United States · 1930
- Farmers Loan & Trust Co. v. MinnesotaSupreme Court of the United States · 1930
- Helvering v. Mountain Producers Corp.Supreme Court of the United States · 1938
- Brick v. BrickSupreme Court of the United States · 1879
- United Nat'l Corp. v. CommissionerUnited States Board of Tax Appeals · 1935
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