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CARTER v. OXFORD

38511.

102 Ga. App. 762 (1960)

118 S.E.2d 216

CARTER et al. v. OXFORD, Commissioner.

Court of Appeals of Georgia.

Rehearing Denied December 1, 1960.

Attorney(s) appearing for the Case

Hatcher, Smith, Stubbs & Rothschild, J. Madden Hatcher, Sutherland, Asbill & Brennan, James H. Wilson, Jr., James P. Groton, for plaintiffs in error.

Moise, Post & Gardner, Allen Post, Hugh E. Wright, amicus curiae.

Eugene Cook, Attorney-General, Ben F. Johnson, Jr., Deputy Assistant Attorney-General, contra.

Martin, Snow, Grant & Napier, for interested parties.

TOWNSEND, Judge.

When the first Georgia income tax act was enacted in 1931 (Ga. L. 1931, Ex. Sess., p. 41) it was provided in Code § 92-3120 (d): "The distribution to the taxpayer of the assets of a corporation shall be treated as a sale of the stock or securities of the corporation owned by him, and the gain or loss shall be computed accordingly." This left no doubt but that, when a corporation was dissolved, its assets, including accumulated earned surplus...

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