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Boston Safe Deposit & Trust Co. v. State Tax Commission

163 N.E.2d 637, 340 Mass. 250, 1960 Mass. LEXIS 665
CourtMassachusetts Supreme Judicial Court
DecidedJanuary 8, 1960
StatusPublished
Cited by3 cases

This text of 163 N.E.2d 637 (Boston Safe Deposit & Trust Co. v. State Tax Commission) is published on Counsel Stack Legal Research, covering Massachusetts Supreme Judicial Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Boston Safe Deposit & Trust Co. v. State Tax Commission, 163 N.E.2d 637, 340 Mass. 250, 1960 Mass. LEXIS 665 (Mass. 1960).

Opinion

*251 Cutter, J.

This is an appeal by testamentary trustees from the decision of the Appellate Tax Board refusing abatement of income taxes assessed, pursuant to G. L. c. 62, § 5 (c), as in effect on May 11, 1955, upon an exchange of shares in Pacific Coast Company (Pacific), a New Jersey corporation. Pacific made adjustments 1 of its shares as of May 11, 1955. See summary on pages 252-253. Prior to and after the reclassification, the trustees owned shares, each having an adjusted cost basis for Massachusetts income tax purposes of zero, as follows:

The trustees continued in possession of their old share certificates after the adoption of the readjustment and reclassification plan, “there being no penalty . . . [for] failure to surrender the old . . . certificates.” They received, however, their 1955 dividends on time on the basis of the new stock and exercised at the 1956 annual meeting of Pacific the voting rights accorded to them in the same manner as though they had surrendered their old certifi *254 oates. Immediately after the vote of May 11, 1955, the new shares were listed for trading on the New York Stock Exchange and the old shares were withdrawn.

*252

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272 F.3d 49 (First Circuit, 2001)
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Ayers v. State Tax Commission
207 N.E.2d 294 (Massachusetts Supreme Judicial Court, 1965)

Cite This Page — Counsel Stack

Bluebook (online)
163 N.E.2d 637, 340 Mass. 250, 1960 Mass. LEXIS 665, Counsel Stack Legal Research, https://law.counselstack.com/opinion/boston-safe-deposit-trust-co-v-state-tax-commission-mass-1960.