Duffy v. Commissioner
United States Tax Court
A distribution in 1939 by a New York corporation to its stockholders created a deficit on its books. The following year the stockholders, petitioner among them, returned a part of the distribution to make good the book deficit. Held, petitioner is taxable in 1939 upon his pro rata share of the company's earnings for that year, as subsequently adjusted, notwithstanding that the net amount retained by him after the repayment in 1940 was less than such share.
1Opinion of the Court
Charles G. Duffy, Petitioner, v. Commissioner of Internal Revenue, Respondent
Duffy v. Commissioner
Docket No. 110834
United States Tax Court
2 T.C. 568; 1943 U.S. Tax Ct. LEXIS 84;
August 13, 1943, Promulgated
Decision will be entered for the respondent.
A distribution in 1939 by a New York corporation to its stockholders created a deficit on its books. The following year the stockholders, petitioner among them, returned a part of the distribution to make good the book deficit. Held, petitioner is taxable in 1939 upon his pro rata share of the company's earnings for that year, as subsequently…
2Cases cited11 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- Edwards v. DouglasSupreme Court of the United States · 1925
- McDonald v. WilliamsSupreme Court of the United States · 1899
- Cottrell v. Albany Card & Paper Manufacturing Co.Appellate Division of the Supreme Court of the State of New York · 1911
6 more not listed; retrieve them via the Exa API.