Jackson v. Commissioner
United States Tax Court
For purposes of determining existence of accumulated corporate earnings and profits, carrying charges on corporation's unproductive property held properly charged to capital account, pursuant to respondent's then effective regulations and accepted accounting practice, notwithstanding subsequent nonretroactive change in such regulations.
1Opinion of the Court
OPINION.
Opper, Judge:
The payments in controversy were dividends if the distributing corporation had earnings and profits sufficient to classify them as such.1 This depends solely on whether carrying charges on a building pending completion, incurred many years prior to the distribution, were properly charged to capital account, as the corporation actually treated them at the time, or, as petitioners now contend, should have been charged to income, thus creating a surplus deficit which the accumulated earnings are insufficient to overcome.
As a matter of history, the capitalization of these…
2Cases cited4 opinions
- Helvering v. R. J. Reynolds Tobacco Co.Supreme Court of the United States · 1939
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
- Commissioner v. WheelerSupreme Court of the United States · 1945
- Imperial Building Co. v. Chicago Open Board of TradeIllinois Supreme Court · 1908
3Cited by7 opinions
- Taubman v. CommissionerUnited States Tax Court · 1973
- Wilbur v. CommissionerUnited States Tax Court · 1964
- Warner Mountains Lumber Co. v. CommissionerUnited States Tax Court · 1947
- Jackson v. CommissionerUnited States Tax Court · 1947
- Taubman v. CommissionerUnited States Tax Court · 1973
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