Bolivian International Mining Corp. v. Commissioner
United States Tax Court
A corporation is not entitled to an undistributed profits tax credit under section 26 (f) of the Revenue Act of 1936, as amended by section 501 (a) (3) of the Revenue Act of 1942, merely because it has a deficit in lieu of accumulated earnings and profits at the beginning of the taxable year.
1Opinion of the Court
OPINION.
Sternhagen, Judge:
The question is whether the petitioner is entitled to a credit in the computation of undistributed profits surtax. Petitioner first claims under section 26 (c) (1), Revenue Act of 1936, under which the credit is dependent upon whether a distribution of dividends within the taxable year would have violated a provision of a written contract executed by the petitioner prior to May 1, 1936, which provision expressly deals with the payment of dividends. We can not find from the evidence that there was such a contract. There was correspondence between individuals in 1935…
2Cited by3 opinions
- Shellabarger Grain Products Co. v. CommissionerUnited States Tax Court · 1943
- Bolivian International Mining Corp. v. CommissionerUnited States Tax Court · 1943
- Shellabarger Grain Products Co. v. CommissionerUnited States Tax Court · 1943