United States v. Phellis
Supreme Court of the United States
APPEAL FROM THE COURT OF CLAIMS. Appeal from a judgment sustaining a claim for a refund of moneys paid under protest in discharge of an income tax assessment. The Nexv Jersey corporation could have distributed its large surplus in cash or in specie, either as securities or, if divisible, tangible property. In either case the distribution wbuld have been income. However, it sold its entire plant to a new corporation.
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APPEAL FROM THE COURT OF CLAIMS. Appeal from a judgment sustaining a claim for a refund of moneys paid under protest in discharge of an income tax assessment. The Nexv Jersey corporation could have distributed its large surplus in cash or in specie, either as securities or, if divisible, tangible property. In either case the distribution wbuld have been income. However, it sold its entire plant to a new corporation. The fact that the new corporation was formed by the managing body of the old and that there was a momentary identity of stockholders can not in any way affect the question. They…
1Opinion of the CourtJustice Pitney
The court below sustained the claim of C. W. Phellis for a refund of certain moneys paid by him under protest in discharge of an additional tax assessed against him for the year 1915, based upon alleged-income equivalent to the market value of 500 shares of stock of a Delaware corporation called theE. I. du Pont de Nemours & Company, received by him as a dividend upon his 250 shares of stock of the E. I. du Pont de Nemours Powder Company, a New Jersey corporation: The United States appeals.
From the findings of the Court of Claims, read in connection with claimant’s petition, the following…
2Cases cited5 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Southern Pacific Co. v. LoweSupreme Court of the United States · 1918
- Gulf Oil Corp. v. LewellynSupreme Court of the United States · 1918
- Lynch v. TurrishSupreme Court of the United States · 1918
- Peabody v. EisnerSupreme Court of the United States · 1918
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- Koshland v. HelveringSupreme Court of the United States · 1936
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