State Tax Commission v. Colbert

This is an appeal by the State Tax Commission from a decision of the Appellate Tax Board granting an abatement of an income tax assessed to one Thomas F. Colbert on a dividend received by him in 1951 on 450 shares of Combination Park Realty Trust. The facts which are undisputed are set forth in the findings of the board. On March 12, 1927, the taxpayer and three others, all inhabitants of this Commonwealth, created a trust to acquire land in Medford, known as Combination Park, and to hold title as trustees for the benefit of shareholders for the period of twenty-five years. In 1945, the…