Lanning v. Tax Commissioner

This is a complaint under St. 1916, c. 269, § 20, for the abatement of an income tax assessed in 1917, on the value of capital stock issued to the complainant as stockholder by a foreign corporation as a stock dividend *497on January 10, 1916. The salient facts are that the complainant, a resident of this Commonwealth, was a stockholder in the Continental Insurance Company, a corporation of the State of New York. Prior to 1916 the corporation had accumulated a large surplus of earnings. In the latter part of the year 1915 the corporation voted to issue to its stockholders on January 10,1916, a…