Legal Opinion
Commissioner v. E. C. Atkins & Co.
Court of Appeals for the Seventh Circuit
Decided May 6, 1942No. 7845PublishedCited by 5 opinions
1Opinion of the Court
LINDLEY, District Judge.
By this review the correctness of a decision of the Board of Tax Appeals holding the taxpayer entitled to a credit under section 26(c) (1) of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev.Acts, page 836, because of a covenant in its written contract with its noteholders which prohibited certain dividends, is questioned.
Respondent is an Indiana corporation with a capital of 60,000 shares of common stock of par value of $50 each. Of 52,000 shares issued, it has repurchased 946 and retains them in its treasury. In 1932 it borrowed $400,000 secured by pledge of certain…
2Cases cited6 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Eisner, Internal Revenue Collector v. MacOmberSupreme Court of the United States · 1919
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Schell's Executors v. FauchéSupreme Court of the United States · 1891
- United States v. Dakota Tractor & Equipment Co.Court of Appeals for the Eighth Circuit · 1942
1 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Kaufmann Department Stores Securities Corp. v. CommissionerCourt of Appeals for the Third Circuit · 1944
- Helvering v. Northwest BancorporationCourt of Appeals for the Eighth Circuit · 1944
- Northwestern Steel & Wire Co. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1945
- Northwest Bancorporation v. CommissionerUnited States Tax Court · 1943
- Pittsburgh Forgings Co. v. CommissionerUnited States Tax Court · 1943