Legal Opinion
Marx v. Bragalini
New York Court of Appeals
Decided July 8, 1959PublishedCited by 14 opinions
1Opinion of the CourtFuld, J.
The question presented is whether a distribution in cash by a corporation to its shareholders from unrealized appreciation in the value of its assets is taxable income to a receiving shareholder under article 16 of the Xew York Tax Law, to the *326extent that it does not exceed the cost or basis of his stock in the distributing corporation.
The facts are undisputed. In 1942 Larchmont Apartments, Inc., purchased an apartment house for approximately $1,745,000 from the Federal Housing Administrator to whom it gave a mortgage for $1,682,000. In 1950, by reason of the appreciation in the value of the…
2Cases cited25 opinions
- Lynch v. TurrishSupreme Court of the United States · 1918
- In Re the Estate of WeidenNew York Court of Appeals · 1933
- In Re the Estate of CreganNew York Court of Appeals · 1937
- Randall v. BaileyNew York Court of Appeals · 1942
- Woodsam Associates, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1952
20 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- Astoria Financial Corp. v. Tax Appeals TribunalAppellate Division of the Supreme Court of the State of New York · 2009
- Delese v. Tax Appeals TribunalAppellate Division of the Supreme Court of the State of New York · 2004
- Graham v. State Tax CommissionAppellate Division of the Supreme Court of the State of New York · 1975
- Central Hudson Gas & Electric Corp. v. Public Service CommissionAppellate Division of the Supreme Court of the State of New York · 1985
- Servomation Corp. v. State Tax CommissionAppellate Division of the Supreme Court of the State of New York · 1977
9 more not listed; retrieve them via the Exa API.