Skip to main content

Burroughs Corporation records. Burroughs Adding Machine Company tax appeal

 Collection
Identifier: CBI 90, Series 99
The collection contains material that describes the situation, correspondence, several reports, and several graphs and charts documenting Burroughs' financial situation during the years 1924-1930.
Scope and Contents This is one series of the Burroughs Corporation Records (CBI 90). Please see the other series finding aids for further information regarding the Burroughs Corporation.

Dates

  • 1930

Creator

Language of Materials

English

Access to materials:

Access to the collection is unrestricted.

Copyright:

The Charles Babbage Institute holds the copyright to all materials in the collection, except for items covered by a prior copyright (such as published materials). Researchers may quote from the collection under the fair use provisions of the copyright law (Title 17, U.S. Code).

Extent

1 box (0.2 cubic feet)

Overview

Collection contains material that describes Burroughs disagreement over tax assessment on its repurchasing and redemption of its own preferred stock during 1924-1930.

Historical Note

In 1930, Burroughs protested an additional assessment, on basis of Redemption Value of preferred stock being a cash dividend, that was levied on them. In July 1924, Burroughs began purchasing its own outstanding preferred stock. In September 1926, the money acquired this way was called for redemption. All of it was not actually redeemed until 1928, and it was then retired at $105 per share. Burroughs argued the value of the redemption should not have an additional assessment.

"The redemption of the preferred stock of the Burroughs Adding Machine Company appears to fall squarely under the provisions of Section 201(g) of the Revenue Act of 1926."

Acquisition:

The records were given to the Charles Babbage Institute by Unisys Corporation in 1991, accession 991-35.

Related Material

This is one series of the Burroughs Corporation Records (CBI 90). Please see the other series finding aids for further information regarding the Burroughs Corporation.

Title
Burroughs Corporation Records. Burroughs Adding Machine Company Tax Appeal, 1930. Finding Aid.
Author
Prepared by Susan A. Stepka, September 1995.
Date
July 2005
Language of description
English

Repository Details

Part of the Charles Babbage Institute Archives Repository

Contact:

612-624-5050