WILKINS, J.
This case presents the question whether gain realized from the sale of trust assets under a plan of liquidation adopted pursuant to § 337 of the Internal Revenue Code (Code) was taxable to the trust under the Massachusetts income tax laws applicable in 1971 and 1972 to trusts with transferable shares. We hold that such a gain was not so taxable under the law then in effect.
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.