Browne v. Case, Pomeroy & Co.

The submission presents this question: Under section 270 of the Tax Law, as it was in 1935, did a stock transfer tax accrue upon the transaction conducted by and between the defendants with reference to the corporate defendant’s acquisition of certain shares of corporate stock, as recited in the facts agreed to. These disclose: On July 11, 1935, Case, Pomeroy & Company, Inc. (hereinafter called the corporate defendant), engaged itself to buy for its own account 1000 shares of the common stock of Texas Pacific Coal ,& Oil Company, a foreign corporation. The purchase was- consummated the next…