McLean County Service Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioners were engaged in the distribution of petroleum products on a cooperative basis, doing business with members and nonmembers. The corporate charters, bylaws, and certificates of stock prohibited the payment of dividends except on class A preferred stock not in excess of 7 percent. Holders of common stock were entitled to patronage dividends only.
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1. Petitioners were engaged in the distribution of petroleum products on a cooperative basis, doing business with members and nonmembers. The corporate charters, bylaws, and certificates of stock prohibited the payment of dividends except on class A preferred stock not in excess of 7 percent. Holders of common stock were entitled to patronage dividends only. Held, in computing surtax on undistributed profits such corporate charters, bylaws, and certificates of stock are not "written contracts executed by the corporation" within the meaning of section 26(c)(1), Revenue Act of 1936, and…
1Opinion of the Court
MCLEAN COUNTY SERVICE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
CHAMPAIGN COUNTY SERVICE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
McLean County Service Co. v. Commissioner
Docket Nos. 101830, 101831.
United States Board of Tax Appeals
45 B.T.A. 1004; 1941 BTA LEXIS 1039;
December 16, 1941, Promulgated
1. Petitioners were engaged in the distribution of petroleum products on a cooperative basis, doing business with members and nonmembers. The corporate charters, bylaws, and certificates of stock prohibited the payment of dividends except on…
2Cases cited21 opinions
- United States v. Missouri Pacific RailroadSupreme Court of the United States · 1929
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Taft v. CommissionerSupreme Court of the United States · 1938
- Osaka Shosen Kaisha Line v. United StatesSupreme Court of the United States · 1937
- Wilbur v. U. S. Ex Rel. Vindicator Consolidated Gold Mining Co.Supreme Court of the United States · 1931
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