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PHILLIPS-JONES CORP. V. PARMLEY, 302 U. S. 233 (1937)

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U.S. Supreme Court

Phillips-Jones Corp. v. Parmley, 302 U.S. 233 (1937)

Phillips-Jones Corp. v. Parmley

No. 45

Argued November 19, 1937

Decided December 6, 1937

302 U.S. 233

CERTIORARI TO THE CIRCUIT COURT OF APPEALS

FOR THE THIRD CIRCUIT

1. A stockholder who has received his pro rata share of the corporate assets upon dissolution of the corporation and has been compelled by assessment under § 280(a)(1) of the Revenue Act of 1926 to pay the whole of income and profits taxes owed by the corporation, is entitled to contribution from his co-stockholders who have not been assessed for the taxes, and may maintain a bill therefor. P. 302 U. S. 235.

2. The liability of the co-stockholders to contribute arises under the general law; it is not dependent upon the making of an assessment against them under § 280. P. 302 U. S. 236.

88 F.2d 958 reversed.





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