Lehman v. Commissioner
United States Tax Court
A corporation with no "earnings or profits accumulated after February 28, 1913," made distributions out of current earnings or profits in July and October of its fiscal year ended June 30, 1937. Held, the distributions do not constitute taxable dividends to a shareholder whose fiscal year ended October 31, 1936. Such distributions are not dividends within the meaning of section 115 (a) of the Revenue Act of 1934, which is controlling in respect of the fiscal year of the…
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A corporation with no "earnings or profits accumulated after February 28, 1913," made distributions out of current earnings or profits in July and October of its fiscal year ended June 30, 1937. Held, the distributions do not constitute taxable dividends to a shareholder whose fiscal year ended October 31, 1936. Such distributions are not dividends within the meaning of section 115 (a) of the Revenue Act of 1934, which is controlling in respect of the fiscal year of the shareholder ended October 31, 1936.
1Opinion of the Court
OPINION.
Arundell, Judge:
The sole question presented for decision is the taxability of certain distributions of the Lehman Corporation received by petitioner as a shareholder of that corporation between July 7 and October 9, 1936. The controversy arises because of a change in the definition of dividends in the Revenue Act of 1936.
The Revenue Act of 1934 defined dividends as distributions by a corporation out of earnings or profits accumulated after February 28, 1913. Sec. 115 (a).1 The Revenue Act of 1936 provided in effect that distributions out of earnings or profits of the current taxable…
2Cases cited1 opinion
- Mason v. RoutzahnSupreme Court of the United States · 1927
3Cited by6 opinions
- Maguire v. CommissionerUnited States Tax Court · 1954
- Waldheim v. CommissionerUnited States Tax Court · 1956
- Lehman v. CommissionerUnited States Tax Court · 1944
- Maguire v. CommissionerUnited States Tax Court · 1954
- Waldheim v. CommissionerUnited States Tax Court · 1956
1 more not listed; retrieve them via the Exa API.