Geo. W. Ultch Lumber Co. v. Commissioner
United States Tax Court
1. Prior to March 1, 1913, petitioner made four separate distributions to stockholders. Held: (1) That the distribution of its common on common stock was a dividend which is not includible in equity invested capital as a distribution in stock which comes within section 718 (a) (3) (A), Internal Revenue Code. Owensboro Wagon Co., 18 T. C. 1107, followed.
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1. Prior to March 1, 1913, petitioner made four separate distributions to stockholders. Held: (1) That the distribution of its common on common stock was a dividend which is not includible in equity invested capital as a distribution in stock which comes within section 718 (a) (3) (A), Internal Revenue Code. Owensboro Wagon Co., 18 T. C. 1107, followed. (2) That each of three other distributions in stock are includible in equity invested capital under section 718 (a) (3) (A) since such distributions in stock represented distributions of earnings and profits; on the facts Owensboro Wagon Co.,…
1Opinion of the Court
OPINION.
HaRROn, Judge:
Issue 1. Stockholders of petitioner received additional shares of stock on January 25,1908, May 14,1908, January 23, 1909, and January 11, 1910, in the aggregate amount of $55,065.35 ($59,600 less $4,534.65). Petitioner included the above amount in its invested capital in its excess profits tax returns for 1944 and 1945, as “Distributions of earnings and profits in stock of the corporation.” Respondent excluded the entire sum from invested capital and petitioner challenges that determination. Under this issue, four issuances of stock are involved. The issue presents the…
2Cases cited5 opinions
- Stern Bros. & Co. v. CommissionerUnited States Tax Court · 1951
- Lester Lumber Co. v. CommissionerUnited States Tax Court · 1950
- Owensboro Wagon Co. v. CommissionerUnited States Tax Court · 1952
- Prosper Shevenell & Son, Inc. v. CommissionerUnited States Tax Court · 1945
- F. Brody & Sons Co. v. CommissionerUnited States Tax Court · 1948
3Cited by3 opinions
- Russell Manufacturing Company v. United StatesUnited States Court of Claims · 1959
- Baker Land and Title Company v. United StatesCourt of Appeals for the Seventh Circuit · 1956
- Geo. W. Ultch Lumber Co. v. CommissionerUnited States Tax Court · 1953