(Download) "Simanco v. Department Revenue" by United States Court of Appeals for the Second Circuit " eBook PDF Kindle ePub Free
eBook details
- Title: Simanco v. Department Revenue
- Author : United States Court of Appeals for the Second Circuit
- Release Date : January 30, 1973
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 64 KB
Description
Simanco, Inc., was formerly a corporation organized under the laws of Wisconsin and had its principal place of business in Port Washington, Wisconsin. Pursuant to a complete plan of liquidation adopted by its shareholders on September 1, 1965, Simanco, on October 1, 1965, sold all of its assets for cash to the Allis-Chalmers Manufacturing Company. Within one year all of its assets, totaling $18,681,533, were distributed to its shareholders. Approximately 62.4 percent of the distribution was paid to shareholders residing in Wisconsin, and approximately 37.6 percent was paid to shareholders residing outside of the state. A final Wisconsin franchise and income tax return was filed on June 13, 1967, and taxes were paid in the amounts due. Simanco paid taxes that were applicable to the gain realized upon the sale of its assets to Allis-Chalmers. The tax payable on that transaction was governed by sec. 71.337 (1), Stats.
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