Crellin v. Commissioner
United States Tax Court
The directors of a personal holding corporation in which petitioners were stockholders declared and paid a dividend approximate in amount to the capital gain which had been realized on sale of certain of its securities. The dividend was declared and paid by the directors after being advised that in the opinion of a certified public accountant the gains unless distributed would be subject to the personal holding corporation surtax.
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The directors of a personal holding corporation in which petitioners were stockholders declared and paid a dividend approximate in amount to the capital gain which had been realized on sale of certain of its securities. The dividend was declared and paid by the directors after being advised that in the opinion of a certified public accountant the gains unless distributed would be subject to the personal holding corporation surtax. Later in the year the directors learned that the opinion of the accountant had been erroneous whereupon they adopted a resolution purporting to rescind the…
1Opinion of the Court
Estate of Lloyd E. Crellin, Deceased, Central Bank, a Corporation, Executor, et al., Petitioners, 1 v. Commissioner of Internal Revenue, Respondent
Crellin v. Commissioner
Docket Nos. 27089, 27090, 27091, 27092, 27093
United States Tax Court
17 T.C. 781; 1951 U.S. Tax Ct. LEXIS 42;
November 13, 1951, Promulgated
Decisions will be entered for the respondent.
The directors of a personal holding corporation in which petitioners were stockholders declared and paid a dividend approximate in amount to the capital gain which had been realized on sale of certain of its securities. The dividend was declared…
2Cases cited6 opinions
- Commissioner of Internal Revenue v. ScatenaCourt of Appeals for the Ninth Circuit · 1936
- Crellin v. CommissionerUnited States Tax Court · 1951
- Meyers v. El Tejon Oil & Refining Co.California Supreme Court · 1946
- Clifton Mfg. Co. v. United StatesCourt of Appeals for the Fourth Circuit · 1935
- United States v. Southwestern Portland Cement Co.Court of Appeals for the Ninth Circuit · 1938
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