Hyman v. Commissioner
United States Board of Tax Appeals
The redemption and cancellation by a corporation of 97 1/2 percent of its outstanding shares, all of which were owned by petitioner, held, upon respondent's determination, to be essentially the equivalent of a taxable dividend to the extent of the corporation's surplus, and by section 115(g), Revenue Act of 1928, such amount held taxable to petitioner as an ordinary dividend.
1Opinion of the Court
*1232OPINION.
Sternhagen:
The Commissioner determined a deficiency in the petitioner’s income tax for 1928 of $17,357.74, by applying section 115 (g), Revenue Act of 19281 to the redemption and cancellation of shares of stock owned by the petitioner, and thus taxing a part of the amount received by the petitioner as an ordinary dividend. The petitioner contends that section 115 (g) does not apply, and the entire amount of $195,000 received by him by virtue of such redemption was a distribution in liquidation covered by section 115 (c),2 and that since it was no more than the cost of the stock…
2Cases cited1 opinion
- Brown v. CommissionerUnited States Board of Tax Appeals · 1932
3Cited by9 opinions
- Flanagan v. HelveringCourt of Appeals for the D.C. Circuit · 1940
- Hugh H. Earle, Former Collector of Internal Revenue v. Angela MacEvoy WoodlawCourt of Appeals for the Ninth Circuit · 1957
- Schmidt v. CommissionerUnited States Tax Court · 1970
- Hugh H. Earle, Former Collector of Internal Revenue v. Angela MacEvoy WoodlawCourt of Appeals for the Ninth Circuit · 1957
- Hyman v. CommissionerUnited States Board of Tax Appeals · 1933
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