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eBook details

• Title: Rose v. Trust Co.
• Author : Fifth Circuit Circuit Court Of Appeals
• Release Date : January 11, 1935
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 46 KB

Description

In July, 1928, appellee was appointed executor of the estate of J. J. Goodrum, who had died June 4th, of that year, and received as part of the estate 1,488 shares of stock of the Coca-Cola International Corporation, which had been organized for the purpose of retaining control of the Coca-Cola Company in the hands of certain southern interests. The International Corporation obtained a majority of the stock of the Coca-Cola Company, which it held. It did no other business. Prior to the death of Goodrum, it was decided to reduce its stock and permit the exchange of one share of its stock for two shares of the Coca-Cola company stock, which it held. By a series of resolutions, the exchange privilege was made irrevocable. In July and August, 1930, appellee exchanged the 1,488 shares of International stock by transactions with four individuals, receiving in each instance two shares of the stock of the Coca-Cola Company therefor. Thereafter, in the same year, 100 shares of the Coca-Cola Company stock received in exchange were sold at an advance over the basis of exchange. Appellee made its income tax returns for 1930 on the theory that no gain resulted from the exchange of stock, and the gain on the sale of the 100 shares was taxable as a capital net gain, at the flat rate of 12 1/2 per cent. The Commissioner of Internal Revenue held that taxable gain had resulted from the exchange and the gain from the sale was subject to surtaxes. On that basis he determined a deficiency which, with interest, amounted to $18,870.83. This was paid to the then Collector of Internal Revenue, appellant herein, and this suit was brought to recover it back. The jury was waived and the case was submitted upon a stipulation as to the facts. Judgment was entered in favor of appellee. This appeal followed. Error is assigned to the denial of a motion for judgment in favor of defendant and to the entering of judgment for plaintiff.

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