James v. Commissioner
United States Board of Tax Appeals
1. Where a parent company owns all the stock of its subsidiary companies, in determining the source of profits or earnings of the parent company available for distribution to the stockholders, within the contemplation of section 201 of the Revenue Act of 1918, the earning of the subsidiaries should be considered only to the extent to which they have been distributed as dividends to the parent company. 2. Where in 1918 the parent corporation received dividends from a…
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1. Where a parent company owns all the stock of its subsidiary companies, in determining the source of profits or earnings of the parent company available for distribution to the stockholders, within the contemplation of section 201 of the Revenue Act of 1918, the earning of the subsidiaries should be considered only to the extent to which they have been distributed as dividends to the parent company. 2. Where in 1918 the parent corporation received dividends from a subsidiary corporation, a portion of which was paid from earnings and profits accumulated since February 28, 1913, and the…
1Opinion of the Court
*768OPINION.
Phillips :
The respondent determined that the dividends received by the petitioner in 1918 from Phelps Dodge Corporation were paid entirely from earnings accrued subsequent to February 28, 1913, and subject to surtax. At the time this determination was made and the deficiency letter mailed to the petitioner, the earnings of that corporation for the year had not yet been finally determined by the Commissioner. Subsequently these earnings were determined to be the amounts shown above, and in order to sustain the deficiency asserted against this petitioner it became necessary for the…
2Cases cited6 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Southern Pacific Co. v. LoweSupreme Court of the United States · 1918
- Lynch v. HornbySupreme Court of the United States · 1918
- Gulf Oil Corp. v. LewellynSupreme Court of the United States · 1918
- Lynch v. TurrishSupreme Court of the United States · 1918
1 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Baker v. CommissionerUnited States Board of Tax Appeals · 1933
- Hamersley v. United StatesUnited States Court of Claims · 1936
- Carey v. CommissionerUnited States Board of Tax Appeals · 1934
- Carey v. CommissionerUnited States Board of Tax Appeals · 1934
- Hartford-Empire Co. v. CommissionerUnited States Board of Tax Appeals · 1940
4 more not listed; retrieve them via the Exa API.