Untermyer v. Commissioner
United States Board of Tax Appeals
1. INCOME - DIVIDENDS FROM FOREIGN CORPORATION. Petitioner, an American citizen, received in 1922, a distribution as a stockholder in a Canadian corporation, all the property of which was located in that country and income earned therein.
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1. INCOME - DIVIDENDS FROM FOREIGN CORPORATION. Petitioner, an American citizen, received in 1922, a distribution as a stockholder in a Canadian corporation, all the property of which was located in that country and income earned therein. Held, that the accumulated "earnings or profits" of such corporation within the purview of section 201 of the Revenue Act of 1921 are those accumulated portions of its gross income for each year representing earnings and profits in the sense in which those terms are used in that act, and not those lesser portions taxed as earnings or profits of the…
1Opinion of the Court
*909OPINION.
Smith:
The Revenue Act of 1921 includes in income dividends received and provides:
Sec. 201. (a) That the term “dividend” when used in this title (except in paragraph (10) of subdivision (a) of section 234 and paragraph (4) of subdivision (a) of section 245) means any distribution made by a corporation to its shareholders or members, whether in cash or in other property, out of its earnings or profits accumulated since February 28, 1913, except a distribution made by a personal service corporation out of earnings or profits accumulated since December 31, 1917, and prior to January 1,…
2Cases cited4 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Burk-Waggoner Oil Assn. v. HopkinsSupreme Court of the United States · 1925
- Boston & M. R. R. v. United StatesCourt of Appeals for the First Circuit · 1920
- New York, N. H. & H. R. v. United StatesCourt of Appeals for the Second Circuit · 1920
3Cited by9 opinions
- Steel Improv. & Forge Co. v. CommissionerUnited States Tax Court · 1961
- H. H. Robertson Co. v. CommissionerUnited States Tax Court · 1972
- McCulloch v. CommissionerUnited States Board of Tax Appeals · 1933
- Goodyear Tire & Rubber Co. v. United StatesUnited States Court of Claims · 1987
- The Goodyear Tire & Rubber Company and Affiliates v. The United StatesCourt of Appeals for the Federal Circuit · 1988
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