Rosenberg v. United States

OPINION *

PHILIP R. MILLER, Judge:

This is a suit for refund of income taxes and interest in the sum of $142,146 paid by plaintiff1 as a result of a deficiency assessment for the year 1973. The assessment was based on the determination by the Commission of Internal Revenue that plaintiff had received from the M.S. Kaplan Company an unreported dividend of the entire stock of a wholly owned subsidiary, the Chicago Metals Corporation, which the Commissioner valued at $225,000. The Ka-plan Company having earnings and profits in excess of $225,000 and plaintiff being a stockholder of the Kaplan…