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ARROWSMITH v. COMMISSIONER.

No. 51.

344 U.S. 6 (1952)

ARROWSMITH ET AL., EXECUTORS, ET AL. v. COMMISSIONER OF INTERNAL REVENUE.

Supreme Court of United States.

Decided November 10, 1952.

Attorney(s) appearing for the Case

George R. Sherriff argued the cause for petitioners. With him on the brief was Joseph C. Woodle.

Helen Goodner argued the cause for respondent. With her on the brief were Acting Solicitor General Stern, Assistant Attorney General Lyon, Philip Elman, Ellis N. Slack and Harry Baum.

Brief of amici curiae supporting petitioners were filed by Norman D. Keller for Edgar J. Kaufmann; and by John W. Burke.

MR. JUSTICE BLACK delivered the opinion of the Court.

This is an income tax controversy growing out of the following facts as shown by findings of the Tax Court. In 1937 two taxpayers, petitioners here, decided to liquidate and divide the proceeds of a corporation in which they had equal stock ownership.* Partial distributions made in 1937, 1938, and 1939 were followed by a final one in 1940. Petitioners reported the profits obtained from...

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