Wiese v. Commissioner
United States Board of Tax Appeals
In the years from 1925 to 1931, inclusive, petitioner withdrew funds from a corporation of which he was the sole stockholder. The corporation at all times had accumulated earnings in excess of the withdrawals. No dividend was formally declared at any time, but in 1932 the total amount of withdrawals was credited to petitioner's account on the books of the corporation and charged against surplus. Held, the amount constituted a dividend taxable to the petitioner in 1932.
1Opinion of the Court
*704OPINION.
Hill :
The issue presented for decision in this case is whether the withdrawals by petitioner of funds from the printing company, of which he was the sole stockholder, in the years prior to 1932, constituted dividends taxable to him as income for the respective years in which withdrawn, as contended by petitioner, or whether there was a dividend taxable to petitioner in the year 1932 in the aggregate amount of such withdrawals, as contended by the respondent.
Section 115 (a) of the Revenue Act of 1932 defines the term “dividend” as meaning any distribution made by a corporation to its…
2Cited by46 opinions
- Wiese v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1938
- Dean v. CommissionerUnited States Tax Court · 1971
- Kaplan v. CommissionerUnited States Tax Court · 1965
- Saigh v. CommissionerUnited States Tax Court · 1961
- Alabama-Georgia Syrup Co. v. CommissionerUnited States Tax Court · 1961
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