[Download] "Brink Et Al. v. Commissioner Corporations" by Supreme Judicial Court of Massachusetts ~ eBook PDF Kindle ePub Free

📘 Read Now     📥 Download

eBook details

• Title: Brink Et Al. v. Commissioner Corporations
• Author : Supreme Judicial Court of Massachusetts
• Release Date : January 02, 1938
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 72 KB

Description

RUGG, Chief Justice. This is an appeal under G.L.(Ter.Ed.) c. 58A, § 13, as amended by St.1935, c. 218, §
1, by the appellants as trustees under a deed of trust dated December 3, 1931, from an adverse decision by the board of tax
appeals upon a petition by the appellants for abatement of an income tax assessed upon them under the authority of G.L.(Ter.Ed.)
c. 62; St.1933, c. 307, § 9, and St.1936, c. 82. The trust was created by an inhabitant of this Commonwealth, and
the trustees and appellants also were such inhabitants. The deed of trust was a private trust settlement for the benefit of
a single individual with remainders over, and was in no sense a commercial venture. The object of the petition is to secure
an abatement of an income tax assessed upon income received by the appellants during 1933. By the terms of the deed of trust
all the income was payable to an inhabitant of Milton in this Commonwealth as beneficiary. There is no contention that the
assets held under the trust deed are not located here. Abatement was refused. The decision of the board of tax appeals was
in favor of the appellee. The appeal of the taxpayers brings the case here. The salient facts are these: The appellants, as trustees under the deed of trust, in 1933 owned one thousand five hundred
and eighty-two shares of stock in a Massachusetts corporation. On November 29, 1933, that corporation declared a dividend
of two hundred per cent on its stock, payable on December 1, 1933, in new stock of the corporation, at the rate of two shares
for each share outstanding. On December 2, 1933, the appellants received three thousand one hundred and sixty-four shares
of such stock as a dividend, the value of which the appellee determined to be $100 for each share. No question has been raised
as to the correctness of this determination. The tax was assessed by the appellee in accordance with that valuation upon the
shares thus received. One half the tax was paid on March 1, 1934, and the balance on October 1, 1934.

Download Books "Brink Et Al. v. Commissioner Corporations" PDF ePub Kindle