Legal Opinion
Skenandoa Rayon Corp. v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided July 31, 1941PublishedCited by 47 opinions
1Opinion of the Court
SWAN, Circuit Judge.
The main question presented by this appeal is whether the taxpayer is entitled to a dividends paid credit under section 27 of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev.Acts, page 837. The facts are not in dispute. The taxpayer had outstanding 5,632 shares of 7% cumulative preferred stock (without par value) upon which dividends of $45.50 per share were in arrears on July 1, 1937. During the year 1937 the corporation made net profits of more than enough to pay the arrears of dividends on its preferred stock, but it desired to retain funds for expansion of the business.…
2Cases cited6 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Lloyd-Smith v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1941
- Baltimore & OR Co. v. Commissioner of Internal Rev.Court of Appeals for the Fourth Circuit · 1935
- Motion Picture Capital Corp. v. Commissioner of Int. Rev.Court of Appeals for the Second Circuit · 1936
- Commercial Inv. Trust Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
1 more not listed; retrieve them via the Exa API.
3Cited by47 opinions
- John Factor v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1960
- Senate Realty Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1975
- General Bancshares Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1964
- E. I. Du Pont De Nemours and Company v. United StatesCourt of Appeals for the Third Circuit · 1970
- Mills Estate, Inc. v. Commissioner of Internal Revenue. Commissioner of Internal Revenue v. Mills Estate, IncCourt of Appeals for the Second Circuit · 1953
42 more not listed; retrieve them via the Exa API.