Natwick v. Commissioner
United States Board of Tax Appeals
Petitioner, the owner of 2,914 shares of stock of a corporation having 3,000 shares outstanding, regularly drew from the corporation sums of money amounting altogether, in 1929, to $66,679.22. The corporation had made a profit each year since its incorporation and had amassed a considerable surplus, but only two cash dividends had been declared. Similar withdrawals by petitioner in 1930 were treated as "informal" dividends and taxed as such.
Read the full summary
Petitioner, the owner of 2,914 shares of stock of a corporation having 3,000 shares outstanding, regularly drew from the corporation sums of money amounting altogether, in 1929, to $66,679.22. The corporation had made a profit each year since its incorporation and had amassed a considerable surplus, but only two cash dividends had been declared. Similar withdrawals by petitioner in 1930 were treated as "informal" dividends and taxed as such. A note dated December 31, 1929, was given by petitioner to the corporation in the sum of $66,679.22, the amount of his withdrawal account on that date.…
1Opinion of the Court
J. NATWICK, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Natwick v. Commissioner
Docket No. 83046.
United States Board of Tax Appeals
36 B.T.A. 866; 1937 BTA LEXIS 644;
November 12, 1937, Promulgated
Petitioner, the owner of 2,914 shares of stock of a corporation having 3,000 shares outstanding, regularly drew from the corporation sums of money amounting altogether, in 1929, to $66,679.22. The corporation had made a profit each year since its incorporation and had amassed a considerable surplus, but only two cash dividends had been declared. Similar withdrawals by petitioner in 1930…
2Cases cited25 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Natwick v. CommissionerUnited States Board of Tax Appeals · 1937
- Horrmann v. CommissionerUnited States Board of Tax Appeals · 1936
- Brown v. CommissionerUnited States Board of Tax Appeals · 1932
- Godwin v. CommissionerUnited States Board of Tax Appeals · 1936
20 more not listed; retrieve them via the Exa API.