Paraport Theatre Leasing Corp. v. Commissioner
United States Board of Tax Appeals
CREDITS ON ACCOUNT OF CONTRACTS RESTRICTING PAYMENT OF DIVIDENDS. - Petitioner entered into a written contract as of November 10, 1933, whereby it leased for a term of 10 years a moving picture theatre at Portland, Oregon, the operation of which in the taxable years 1936 and 1937 constituted its sole business.
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CREDITS ON ACCOUNT OF CONTRACTS RESTRICTING PAYMENT OF DIVIDENDS. - Petitioner entered into a written contract as of November 10, 1933, whereby it leased for a term of 10 years a moving picture theatre at Portland, Oregon, the operation of which in the taxable years 1936 and 1937 constituted its sole business. The lease contract specifically provided that petitioner should capitalize and retain as earned surplus specified percentages of its net profits, which should not be distributed in dividends during the term of the lease. Held, that the payment of dividends by petitioner during the…
1Opinion of the Court
PARAPORT THEATRE LEASING CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Paraport Theatre Leasing Corp. v. Commissioner
Docket No. 102062.
United States Board of Tax Appeals
44 B.T.A. 108; 1941 BTA LEXIS 1387;
April 8, 1941, Promulgated
CREDITS ON ACCOUNT OF CONTRACTS RESTRICTING PAYMENT OF DIVIDENDS. - Petitioner entered into a written contract as of November 10, 1933, whereby it leased for a term of 10 years a moving picture theatre at Portland, Oregon, the operation of which in the taxable years 1936 and 1937 constituted its sole business. The lease contract…
2Cases cited5 opinions
- Koshland v. HelveringSupreme Court of the United States · 1936
- Kelly v. CommissionerUnited States Board of Tax Appeals · 1938
- Paraport Theatre Leasing Corp. v. CommissionerUnited States Board of Tax Appeals · 1941
- Keister v. CommissionerUnited States Board of Tax Appeals · 1940
- Oregon City Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1940