Weyerhaeuser v. Commissioner
United States Board of Tax Appeals
1. DIVIDENDS TO STOCKHOLDERS. - A corporation, organized prior to March 1, 1913, and having on hand earnings and profits accumulated prior to that date, sustained a net loss in 1927, followed by earnings in 1928. It made distributions to its stockholders during 1928 in an amount less than its earnings for that year. Held, such distributions constituted taxable income to the stockholders.
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1. DIVIDENDS TO STOCKHOLDERS. - A corporation, organized prior to March 1, 1913, and having on hand earnings and profits accumulated prior to that date, sustained a net loss in 1927, followed by earnings in 1928. It made distributions to its stockholders during 1928 in an amount less than its earnings for that year. Held, such distributions constituted taxable income to the stockholders. Helvering v. Canfield,291 U.S. 163. 2. TAXABLE NET INCOME - EARNINGS AND PROFITS. - A statutory net loss of a prior year can not be carried forward and deducted from receipts of a subsequent year in…
1Opinion of the Court
OPINION. '
Mellott :
A memorandum opinion was entered in this proceeding under date of November 28, 1933, in which we decided, following Canfield v. Commissioner, 62 Fed. (2d) 751, that certain distributions received by the petitioner from a corporation did not constitute taxable income. The Supreme Court having reversed the decision relied upon, a motion for reconsideration and revision, timely filed by the respondent, was granted.
The respondent determined a deficiency in income tax against the petitioner for the year 1928 in the amount of $1,227.87. Petitioner, a resident of Cloquet,…
2Cases cited5 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Lynch v. HornbySupreme Court of the United States · 1918
- Old Mission Portland Cement Co. v. HelveringSupreme Court of the United States · 1934
- Mobile & Ohio Railroad v. TennesseeSupreme Court of the United States · 1894
- Helvering v. CanfieldSupreme Court of the United States · 1934
3Cited by21 opinions
- Harold S. Divine and Rita K. Divine v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1974
- Kaplan v. CommissionerUnited States Tax Court · 1965
- Anderson v. CommissionerUnited States Tax Court · 1976
- Sid Luckman and Estelle Luckman v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1969
- Henry C. Beck Co. v. CommissionerUnited States Tax Court · 1969
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