Union Trust Co. v. Heiner

SCHOONMAKER, District Judge.

This is a suit to recover $5,025.14 additional income taxes assessed against plaintiffs for the year 1929, and paid by them February 23, 1932.

The legal question at issue is whether or not a distribution of 429.4 shares of common stock of the General American Tank Car Corporation of New York to the plaintiffs by Federal Tank Line, a Pennsylvania corporation, was a taxable distribution of stock pursuant to a plan of corporate reorganization.

*802The facts are these: The Federal Tank Line made an agreement with General American Tank Car Corporation, a West Virginia…