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

Please note: this case begins in mid-page. It therefore shares a citation with the last page of the previous case. If you are attempting to follow a link to the last page of 302 U.S. 230, click here.

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.