Standard Oil Co. v. United States

In an action brought by appellant to recover stamp taxes paid to a former collector of internal revenue, judgment was rendered for appellee. This appeal was taken by appellant from the judgment rendered.

Appellant was organized as a Delaware corporation oil January 27, 1926, to succeed two already existing companies, Standard Oil Company, a California cor *572 poraíion, and Pacific Oil Company, a Delaware corporation.

February 16, 1926, the California predecessor, proceeding under California Civil Code § 309% asked, and on March 4, 1926, received, authorization from the Commissioner of Corporations to “ * * * divide, withdraw and pay to its stockholders its capital assets in the following manner, to-wit: To transfer the assets * * * to [appellant] in consideration of the [appellant] delivering to the stockholders of the [California predecessor] * * * shares of the capital stock of the [appellant] * * * one share of stock in the [appellant] for one share of stock in the [California predecessor] * * * ”

On March 8, 1926, said Standard Oil Company and said Pacific Oil Company entered into a written contract to transfer substantially all of their respective assets to the appellant…