Journal Co. v. Commissioner
United States Board of Tax Appeals
1. In 1937 petitioner issued and distributed as dividends notes of a fair market value equal to the face thereof, due January 1, 1939. It claimed and was allowed a dividends paid credit in 1937 on the aggregate amount of the notes.
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1. In 1937 petitioner issued and distributed as dividends notes of a fair market value equal to the face thereof, due January 1, 1939. It claimed and was allowed a dividends paid credit in 1937 on the aggregate amount of the notes. On July 1, 1938, petitioner paid and discharged the notes and claimed a dividends paid credit under section 27(a)(4), Revenue Act of 1938. Held, the general provisions of section 27(a)(4) are limited by the specific provisions of section 27(e), and petitioner is not entitled to a dividends paid credit in the amount paid in discharge of the notes. Spokane Dry Goods…
1Opinion of the Court
OPINION.
Abnold:
This proceeding involves a deficiency in income tax for 1938 in the sum of $10,537.77. The principal issue is whether the petitioner is entitled to a dividends paid credit in 1938 by reason of its payment on July 1, 1938, of certain promissory notes, amounting to $440,625, issued and distributed as dividends in 1937, for which a dividends paid credit was claimed and allowed for 1937. Respondent affirmatively alleged that a part of the deficiency herein is “due to negligence, or intentional disregard of rules and regulations” within the meaning of section 293 (a), Revenue Act of…
2Cited by13 opinions
- Bixby v. CommissionerUnited States Tax Court · 1972
- Carlos and Jacqueline Marcello v. Commissioner of Internal Revenue, Joseph, Jr. And Anastasia Marcello v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1967
- James O. Druker and Joan S. Druker, Petitioners-Appellants-Cross-Appellees v. Commissioner of Internal Revenue, Respondent-Appellee-Cross-AppellantCourt of Appeals for the Second Circuit · 1982
- Hill v. CommissionerUnited States Tax Court · 1974
- Richard A. Cramer Alice D. Cramer Warren K. Boynton Susi M. Boynton Kevin P. Monaghan Dina A. Monaghan v. Commissioner, Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1995
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