Meyer v. Commissioner
United States Tax Court
A corporation, of which the petitioner was the sole stockholder, redeemed shares of its preferred stock during each of the years 1938 to 1941, inclusive.
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A corporation, of which the petitioner was the sole stockholder, redeemed shares of its preferred stock during each of the years 1938 to 1941, inclusive. Prior stock redemptions had been made in the years 1931, 1934, and 1936 which exceeded the accumulated earned surplus since February 28, 1913. The net earnings for the years 1937 to 1941, inclusive, exceeded the stock redemptions made in the taxable years 1938 to 1941, inclusive, but were considerably less than the deficit at the close of 1936. Held, that the stock redemptions in the taxable years were essentially equivalent to the…
1Opinion of the Court
OPINION.
LeMure, Judge,:
This proceeding is before us on mandate from the Circuit Court of Appeals for the Third Circuit. In an opinion reported at 5 T. C. 165, we held that certain distributions, in the form of preferred stock redemptions, which the petitioner as sole stockholder received from the Bersel Realty Co. during the years 1938 to 1941, inclusive, were made at such time and in such manner as to be essentially equivalent to distributions of taxable dividends and were out of earnings or profits accumulated after February 28,1913, within the meaning of section 115 (g) of the Internal…
2Cases cited2 opinions
- Mercantile Bridge Co. v. CommissionerUnited States Tax Court · 1943
- Meyer v. CommissionerUnited States Tax Court · 1945
3Cited by7 opinions
- Estate of Uris v. CommissionerUnited States Tax Court · 1977
- Estate of Uris v. CommissionerCourt of Appeals for the Second Circuit · 1979
- Ca 79-3190 Estate of Percy Uris, Deceased, Irving Trust Co., and Joanne Uris v. Commissioner of Internal Revenue, Harold D. Uris and Ruth Uris v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1979
- Donald E. Baker and Barbara M. Baker v. United StatesCourt of Appeals for the Eighth Circuit · 1972
- Donald E. Baker and Barbara M. Baker v. United StatesCourt of Appeals for the Eighth Circuit · 1972
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