Harris v. Commissioner
United States Board of Tax Appeals
Suit to foreclose a mortgage upon property owned by a corporation was instituted in a state court. The corporation distributed its cash to its stockholders as a liquidating dividend. Subsequently a deficiency judgment was rendered against the corporation, but no effort was ever made to compel repayment of the liquidating dividends. Petitioner computed his loss upon the corporate stock by deducting the amount of the liquidating dividends from its cost.
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Suit to foreclose a mortgage upon property owned by a corporation was instituted in a state court. The corporation distributed its cash to its stockholders as a liquidating dividend. Subsequently a deficiency judgment was rendered against the corporation, but no effort was ever made to compel repayment of the liquidating dividends. Petitioner computed his loss upon the corporate stock by deducting the amount of the liquidating dividends from its cost. Held that the loss was properly computed, though it may be deducted from gross income only to the extent provided by the section of the revenue…
1Opinion of the Court
V. V. HARRIS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Harris v. Commissioner
Docket No. 99027.
United States Board of Tax Appeals
43 B.T.A. 711; 1941 BTA LEXIS 1461;
February 26, 1941, Promulgated
Suit to foreclose a mortgage upon property owned by a corporation was instituted in a state court. The corporation distributed its cash to its stockholders as a liquidating dividend. Subsequently a deficiency judgment was rendered against the corporation, but no effort was ever made to compel repayment of the liquidating dividends. Petitioner computed his loss upon the corporate stock…
2Cases cited19 opinions
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Burnet v. Sanford & Brooks Co.Supreme Court of the United States · 1931
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Helvering v. HammelSupreme Court of the United States · 1941
- Sanger v. UptonSupreme Court of the United States · 1875
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