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PALMER v. COMMISSIONER

No. 19.

302 U.S. 63 (1937)

PALMER v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided November 8, 1937.

Attorney(s) appearing for the Case

Mr. Robert G. Dodge, with whom Mr. Harold S. Davis was on the brief, for petitioner in No. 19 and respondent in No. 59.

Assistant Attorney General Morris, with whom Solicitor General Reed and Messrs. Sewall Key and Ellis N. Slack were on the brief, for respondent in No. 19 and petitioner in No. 59.

MR. JUSTICE STONE delivered the opinion of the Court.

The question for decision is whether a purported sale by a corporation to its stockholders, of shares of stock issued by and acquired from another corporation, the sale being effected by means of an issue to the stockholders of rights to purchase the stock at a named price, is to be treated as a distribution of corporate earnings taxable as a dividend to the stockholders...

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