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Commissioner of Corporations & Taxation v. Morgan

306 Mass. 305 (Mass. 1940)
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Commissioner of Corporations & Taxation v. Morgan

4 Citing cases

  1. Commissioner of Corporations & Taxation v. Filoon

    310 Mass. 374 (Mass. 1941)   Cited 19 times
    Listing capital transactions and ordinary operations as distinct sources of profit

    Ed.) c. 62, § 1, subsection (g), particularly with respect to the meaning of the word "capital" and the words "accumulated profits," as used therein, in the light of the context of the subsection and its purpose, and the application of the subsection so interpreted to the facts found as above recited. See Commissioner of Corporations Taxation v. Morgan, 306 Mass. 305, 307. It is "capital" that may be distributed "in liquidation or otherwise" without being subject to a tax as income of the shareholders, while "accumulated profits" may not be so distributed even by a liquidation dividend (see Boston Safe Deposit Trust Co. v. Commissioner of Corporations Taxation, 262 Mass. 1; Follett v. Commissioner of Corporations Taxation, 267 Mass. 115) unless by a stock dividend under some circumstances.

  2. Commissioner of Corp. Tax. v. Church

    318 Mass. 268 (Mass. 1945)   Cited 2 times

    Whether or not such income is taxable depends upon the applicable statute, which has been changed from time to time. See Tax Commissioner v. Putnam, 227 Mass. 522, 534-536; Brink v. Commissioner of Corporations Taxation, v. Morgan, 306 Mass. 305. And the effect of a stock dividend is to capitalize the income so distributed, whether or not subject to taxation under the applicable statute.

  3. Commissioner of Corporations & Taxation v. Williston

    315 Mass. 648 (Mass. 1944)   Cited 19 times
    In Commissioner of Corporations and Taxation v. Williston, 315 Mass. 648, 54 N.E.2d 43 (1944), the taxpayer, in two successive years at about Christmas time, gave to a married daughter living in New York, at least inferentially as Christmas presents, certain detached interest coupons, the coupons in each instance not being payable until the following year.

    Brink v. Commissioner of Corporations Taxation, 299 Mass. 280, 285. Commissioner of Corporations Taxation v. Morgan, 306 Mass. 305, 311. Anderson v. Commissioner of Corporations Taxation, 312 Mass. 40.

  4. Welch v. Commissioner of Corporations & Taxation

    309 Mass. 293 (Mass. 1941)   Cited 16 times
    In Welch v. Commissioner of Corps. Taxn. 309 Mass. 293 (although it was pointed out, see pp. 294-295, that no contention was then made that policies had been "transferred... by the insured in contemplation of death"), it was held (pp. 296-300) that the proceeds of life insurance policies payable to trustees under a trust indenture for the benefit of others were not subject to tax under G.L.c. 65 upon the death of the insured.

    There is no power to tax in the absence of a statute expressly granting such authority. United States Trust Co. v. Commissioner of Corporations Taxation, 299 Mass. 296. Commissioner of Corporations Taxation v. Dalton, 304 Mass. 147. Commissioner of Corporations Taxation v. Morgan, 306 Mass. 305. It is true that the concept of transfers within both the Federal and the State taxing statutes has been greatly broadened since the decision in the Tyler case, and the courts in determining the existence of a taxable event upon which a transfer or succession tax has been based have not permitted themselves to be restricted by technical refinements of title arising from the form in which the transaction has been cast, but have been more concerned with the practical advantages that accrued to the taxpayer from the devolution of the decedent's property.