RAFFERTY v. COMPTROLLER

[No. 208, September Term, 1961.]

228 Md. 153 (1962)

178 A.2d 896

RAFFERTY ET AL. v. COMPTROLLER OF THE TREASURY (Three Appeals In One Record)

Court of Appeals of Maryland.

Decided March 20, 1962.


Attorney(s) appearing for the Case

Clyde Y. Morris and Robert L. Karwacki, for appellants.

William J. McCarthy, Assistant Attorney General, with whom was Thomas B. Finan, Attorney General, on the brief, for appellee.

The cause was argued before BRUNE, C.J., and HENDERSON, HORNEY, and MARBURY, JJ., and MENCHINE, Associate Judge, Third Judicial Circuit, specially assigned.


HORNEY, J., delivered the opinion of the Court.

These appeals present a question as to whether the receipt by stockholders of payments made in liquidation of a domestic or foreign corporation are taxable as income under the provisions of the state income tax laws.1

The assessed taxpayers are all residents of Maryland. The dissolved corporation was the Monumental Radio Corporation. It had been incorporated under the laws of Maryland...

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