United States Board of Tax Appeals February 13, 1934, Docket Nos. 56914-56916. (Mackay v. Commissioner)

lead-opinion

*1092OPINION.

Lansdon:

The real issue here is whether the California Bag & Paper Co. sold both groups-of assets in question. If there was such a sale prior to September 14,1928, the profit realized was that of the corporation, and, added to book surplus as of that date, it was almost sufficient to distribute a dividend out of earnings accumulated after March 1, 1913, as determined by