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Income Tax Keyed to Lind
Overton v. Commissioner
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*Case Brief Anatomy includes: Brief Prologue, Complete Case Brief, Brief Epilogue
- The Brief Prologue provides necessary case brief introductory information and includes:
- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
- Case Key Terms, Acts, Doctrines, etc.: A case specific Legal Term Dictionary.
- Case Doctrines, Acts, Statutes, Amendments and Treatises: Identifies and Defines Legal Authority used in this case.
- The Case Brief is the complete case summarized and authored in the traditional Law School I.R.A.C. format. The Pro case brief includes:
- Brief Facts: A Synopsis of the Facts of the case.
- Rule of Law: Identifies the Legal Principle the Court used in deciding the case.
- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
The Castle and Overton corporation had 1,000 outstanding shares stock in 1936 without par value but with a liquidating value of $120 per share. Pursuant to a plan to lessen taxes, the certificate of incorporation was amended to change the outstanding common stock to 2,000 shares without par value, of which 1,000 were Class A and 1,000 Class B. The old stock was exchanged for new and Petitioners gave the B stock to their wives. The B stock had a liquidating value of $1 per share. The wives were precluded from realizing income of more than one dollar per share by selling their shares. The A stock was to receive dividends of $10 per share per year before payment of any dividends on B stock. If the dividends were in excess of $10 per share, the excess was to be shared by both classes with one-fifth for the A stock and four-fifths for the B stock. During the six- year period ending in 1941, dividends paid on B stock totaled $150 per share and $77 on the A stock. In 1941, th e A stock was book valued at $155 per share. Petitioner was held liable for the dividends received by his spouse on the stock registered in her name. The Tax Court found that the arrangement was an assignment of part of the taxpayer’s future dividends.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
- Holding: Shares the Court's answer to the legal questions raised in the issue.
- Concurring / Dissenting Opinions: Includes valuable concurring or dissenting opinions and their key points.
- Reasoning and Analysis: Identifies the chain of argument(s) which led the judges to rule as they did.
- The Brief Prologue closes the case brief with important forward-looking discussion and includes:
- Policy: Identifies the Policy if any that has been established by the case.
- Court Direction: Shares where the Court went from here for this case.