National Sec. Series--Industrial Stocks Series v. Commissioner
United States Tax Court
Each of the petitioners is an open end investment trust whose shareholders are entitled at any time, at their option, to surrender their shares for redemption and receive the proportionate share of the underlying trust assets and net earnings to the date of surrender.
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Each of the petitioners is an open end investment trust whose shareholders are entitled at any time, at their option, to surrender their shares for redemption and receive the proportionate share of the underlying trust assets and net earnings to the date of surrender. During the taxable periods in question, each of the petitioners, incident to the redemption of its shares, made distributions of net earnings to its shareholders and included such sums as dividends paid in the computation of its basic surtax credit. Held, that the accumulated net earnings distributed by the petitioners during…
1Opinion of the Court
National Securities Series -- Industrial Stocks Series, National Securities and Research Corporation, Empire Trust Company, Trustee, Petitioner, et al., * v. Commissioner of Internal Revenue, Respondent
National Sec. Series--Industrial Stocks Series v. Commissioner
Docket Nos. 19617, 19618, 19619, 19620
United States Tax Court
13 T.C. 884; 1949 U.S. Tax Ct. LEXIS 22;
December 2, 1949, Promulgated
Decisions will be entered for the petitioners.
Each of the petitioners is an open end investment trust whose shareholders are entitled at any time, at their option, to surrender their shares for redemption…
2Cases cited3 opinions
- United Artists Theatre Circuit, Inc. v. CommissionerUnited States Tax Court · 1943
- New York Stocks, Inc. v. CommissionerUnited States Tax Court · 1947
- National Sec. Series--Industrial Stocks Series v. CommissionerUnited States Tax Court · 1949