New York Stocks, Inc. v. Commissioner
United States Tax Court
Petitioner, a mutual investment company, redeemed stock certificates at various times in the taxable year at stockholders' requests, paying net asset value for redeemed stock. The stockholders received, as part of the net asset value of a share of stock, a share of current net earnings up to the date of redemption. Aside from regular dividends, petitioner paid out $ 40,932.69 of its current earnings for the taxable year upon redemptions of stock.
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Petitioner, a mutual investment company, redeemed stock certificates at various times in the taxable year at stockholders' requests, paying net asset value for redeemed stock. The stockholders received, as part of the net asset value of a share of stock, a share of current net earnings up to the date of redemption. Aside from regular dividends, petitioner paid out $ 40,932.69 of its current earnings for the taxable year upon redemptions of stock. Held, petitioner is not entitled to include the above amount in the amount of dividends paid for purposes of the basic surtax credit under section…
1Opinion of the Court
New York Stocks, Inc., Petitioner, v. Commissioner of Internal Revenue, Respondent
New York Stocks, Inc. v. Commissioner
Docket No. 5924
United States Tax Court
8 T.C. 322; 1947 U.S. Tax Ct. LEXIS 284;
February 17, 1947, Promulgated
Decision will be entered for the respondent.
Petitioner, a mutual investment company, redeemed stock certificates at various times in the taxable year at stockholders' requests, paying net asset value for redeemed stock. The stockholders received, as part of the net asset value of a share of stock, a share of current net earnings up to the date of redemption. Aside from…
2Cases cited2 opinions
- United Artists Theatre Circuit, Inc. v. CommissionerUnited States Tax Court · 1943
- New York Stocks, Inc. v. CommissionerUnited States Tax Court · 1947