West Side Tennis Club v. Commissioner
United States Tax Court
1. Petitioner is a corporation and during the taxable year 1937 had a net income. It does not belong to the class of corporations specifically exempt from surtax under section 14(d) of the Revenue Act of 1936. In prior years it was held not to be exempt from taxation under section 103 (9) of the Revenue Act of 1932 or section 101 (9) of the Revenue Act of 1934. West Side Tennis Club, 39 B. T. A. 149; affd., 111 Fed.
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1. Petitioner is a corporation and during the taxable year 1937 had a net income. It does not belong to the class of corporations specifically exempt from surtax under section 14(d) of the Revenue Act of 1936. In prior years it was held not to be exempt from taxation under section 103 (9) of the Revenue Act of 1932 or section 101 (9) of the Revenue Act of 1934. West Side Tennis Club, 39 B. T. A. 149; affd., 111 Fed. (2d) 6; certiorari denied, 310 U.S. 674. Held, petitioner is liable for the surtax on undistributed profits imposed by section 14 (b) of the Revenue Act of 1936, notwithstanding…
1Opinion of the Court
OPINION.
Black, Judge:
The only questions remaining in this proceeding are (1) whether petitioner is liable for the surtax on undistributed profits
imposed by section 14 (b) of the Revenue Act of 1936, and, if so, (2) whether the respondent erred in computing petitioner’s “adjusted net income” as defined in section 14 (a) (1) of the same act and in computing petitioner’s “undistributed net income” as defined in section 14 (a) (2) of the same act as amended by section 501 (a) (1) of the Revenue Act of 1942. The provisions of section 14, as amended, in so far as they are material in this…
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