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

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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. 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. 236.

88 F.2d 958 reversed.

Certiorari, 301 U.S. 680, to review a judgment affirming a decree dismissing a bill for contribution.