Wilson v. Commissioner
United States Board of Tax Appeals
Where a corporation in 1920 declares and pays stock dividends, the par value of which exceed the earnings or profits of such corporation accumulated since February 28, 1913, and thereafter in 1920 declares and pays a cash dividend in an amount less than the amount of such earnings or profits, held, that under the provisions of section 201(b) of the Revenue Act of 1918 the cash dividend is deemed to have been made from earnings or profits accumulated subsequent to February…
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Where a corporation in 1920 declares and pays stock dividends, the par value of which exceed the earnings or profits of such corporation accumulated since February 28, 1913, and thereafter in 1920 declares and pays a cash dividend in an amount less than the amount of such earnings or profits, held, that under the provisions of section 201(b) of the Revenue Act of 1918 the cash dividend is deemed to have been made from earnings or profits accumulated subsequent to February 28, 1913, and is to be included as a part of the gross income of the stockholder receiving such cash dividend.
1Opinion of the Court
*958OPINION.’
Phillips:
This appeal involves the construction of section 201 of the Revenue Act of 1918, and particularly paragraph (b)-thereof, in the light of the decision of the Supreme Court in Eisner v. Macomber, 252 U. S. 189; 40 Sup. Ct. 189; 3 Am. Fed. Tax Rep. 3020. This section, so far as it is material to this appeal, provided:
Seo. 201. (a) That tke term “ dividend ” wken used in tkis title * * * means (1) any distribution made by a corporation, \ * * to its shareholders or members, whether in cash or in other property or in stock of the corporation, out of its earnings or profits…
2Cases cited7 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Towne v. EisnerSupreme Court of the United States · 1918
- Lynch v. HornbySupreme Court of the United States · 1918
- Gibbons v. MahonSupreme Court of the United States · 1890
- Williams v. . Western Union Telegraph Co.New York Court of Appeals · 1883
2 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- McCulloch v. CommissionerUnited States Board of Tax Appeals · 1933
- Hedrick v. CommissionerUnited States Board of Tax Appeals · 1931
- Horrmann v. CommissionerUnited States Board of Tax Appeals · 1936
- Megeath v. CommissionerUnited States Board of Tax Appeals · 1927
- Stewart v. CommissionerUnited States Board of Tax Appeals · 1934
1 more not listed; retrieve them via the Exa API.