General Bancshares Corp. v. Commissioner
United States Tax Court
Expenses incurred by petitioner in issuing its capital stock as a stock dividend are not deductible as ordinary and necessary business expenses.
1Opinion of the Court
OPINION.
Scott, Judge:
Respondent determined a deficiency in petitioner’s income tax for the year 1957 in the amount of $10,498.07. Petitioner claims an overpayment of income tax for 1957 of $9,152.36. The issue for decision is whether expenses incurred by petitioner in paying stock dividends to its shareholders in 1957 are deductible.
All of the facts have been stipulated and are found accordingly.
General Bancshares Corporation (hereinafter referred to as petitioner) was incorporated under the laws of the State of Missouri in 1946 and has its principal place of business in St. Louis, Missouri.…
2Cases cited10 opinions
- Skenandoa Rayon Corp. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1941
- Holeproof Hosiery Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Baltimore & OR Co. v. Commissioner of Internal Rev.Court of Appeals for the Fourth Circuit · 1935
- Motion Picture Capital Corp. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1936
- Missouri-Kansas Pipe Line Co. v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1945
5 more not listed; retrieve them via the Exa API.
3Cited by16 opinions
- General Bancshares Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1964
- A.E. Staley Mfg. Co. v. CommissionerUnited States Tax Court · 1995
- Norwest Corp. v. CommissionerUnited States Tax Court · 1999
- National Starch & Chemical Corp. v. CommissionerUnited States Tax Court · 1989
- Fred W. Amend Co. v. CommissionerUnited States Tax Court · 1970
11 more not listed; retrieve them via the Exa API.