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June 11, 2021

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Title: Boston Elevated Ry. Co. v. Metropolitan
Author : Supreme Judicial Court of Massachusetts
Release Date : January 04, 1949
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 80 KB

Description

WILKINS, Justice. This bill in equity under G.L.(Ter.Ed.) c. 231A, inserted by St.1945, c. 582, § 1, seeks a declaration that the Metropolitan Transit Authority by contract has assumed, and is obligated to pay, the plaintiff's Federal income tax on a 'capital gain' realized by the plaintiff from the sale to the authority of 'its whole assets, property and franchises as a going concern.' The defendants, who are the authority and its five trustees, in their answer seek by way of counterclaim a declaration that the authority has not so assumed, and is not obligated to pay, certain bills of the plaintiff's lawyers and of the chairman of its board of directors for services in relation to that sale. The case was heard on the pleadings and a statement of agreed facts. The Judge found the facts to be as agreed, and reserved and reported the case, without determination, for the consideration of this court. G.L.(Ter.Ed.) c. 214, § 31. The plaintiff is a street railway corporation incorporated under St.1894, c. 548, and until noon on August 29, 1947, it owned a rapid transit system in metropolitan Boston. That system it managed and operated until June 30, 1918. On July 1, 1918, by virtue of its acceptance of Spec.St.1918, c. 159, the management and operation devolved upon a board of trustees (hereinafter called the public trustees) appointed by the Governor. The amendment of that statute by St.1931, c. 333, was also accepted by the plaintiff, and the public trustees continued the management and operation until noon on August 29, 1947. 1

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