Lapham v. Tax Commissioner

This is a complaint under St. 1916, c. 269, § 20, now G. L. c. 62, § 47, for abatement of an income tax. The complainant in 1917 owned shares of stock in the American-Hawaiian Steamship Company, a New Jersey corporation. The money originally subscribed for capital stock of that corporation had been invested in steamships. Thereafter earnings of the company were invested in other ships and remaining earnings not otherwise required for uses of the company were distributed as dividends. Among other ships owned b^ the company on January 1, 1916, were eight, the fair market value of which was in…