Rand v. Hubbell
Massachusetts Supreme Judicial Court
Bill in equity by the administrators with the will annexed of Sarah Louise Hubbell, to obtain the instructions of the court as to whether certain shares of stock should be inventoried as part of the estate of said Sarah Louise, and whether said shares were income or capital.
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Bill in equity by the administrators with the will annexed of Sarah Louise Hubbell, to obtain the instructions of the court as to whether certain shares of stock should be inventoried as part of the estate of said Sarah Louise, and whether said shares were income or capital. The case was reported by Ames, J., for the determination of the full court, in substance as follows : Sarah Louise Hubbell died September 10, 1873. By her will, which was duly proved October 7,1873, she disposed of her entire estate, real and personal. Peter Hubbell, by his last will, which was proved February 14, 1871,…
1Opinion of the CourtGray, C. J.
Money earned by a corporation is corporate prop erty, and not the separate property of the stockholders, unless and until distributed among them by the corporation. In the absence of any restraining statute, the corporation may treat it and deal with it, either as an increase of its property or as profits of its business. So long as the corporation holds it as part of the corporate property, it is capital of the corporation, and the interest therein, represented by each share, is capital and not income of that share, as between the tenant for life and remainderman, legal or equitable,…
2Cases cited4 opinions
- Minot v. PaineMassachusetts Supreme Judicial Court · 1868
- Leland v. HaydenMassachusetts Supreme Judicial Court · 1869
- Commonwealth v. GeeMassachusetts Supreme Judicial Court · 1850
- Daland v. WilliamsMassachusetts Supreme Judicial Court · 1869
3Cited by35 opinions
- Gibbons v. MahonSupreme Court of the United States · 1890
- Tax Commissioner v. PutnamMassachusetts Supreme Judicial Court · 1917
- Nirdlinger's EstateSupreme Court of Pennsylvania · 1927
- McLouth v. . HuntNew York Court of Appeals · 1897
- Anderson v. BeanMassachusetts Supreme Judicial Court · 1930
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