Atlantic Land Co. v. Commissioner
United States Board of Tax Appeals
Dividend, less in amount than the corporation's earned surplus and less than the value of unencumbered stocks and bonds available for payment of dividends, was declared in December 1936. The dividend was credited to the stockholders upon the corporation's books, without restriction as to withdrawal, and the stockholders had notice. They reported the dividend in income tax returns for 1936 and paid income tax thereon.
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Dividend, less in amount than the corporation's earned surplus and less than the value of unencumbered stocks and bonds available for payment of dividends, was declared in December 1936. The dividend was credited to the stockholders upon the corporation's books, without restriction as to withdrawal, and the stockholders had notice. They reported the dividend in income tax returns for 1936 and paid income tax thereon. The accounts payable representing the dividends were paid to the stockholders in January, February, and March 1937. Held, that the corporation was entitled to credit for a…
1Opinion of the Court
THE ATLANTIC LAND COMPANY, 1 PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Atlantic Land Co. v. Commissioner
Docket No. 100410.
United States Board of Tax Appeals
43 B.T.A. 74; 1940 BTA LEXIS 854;
December 11, 1940, Promulgated
Dividend, less in amount than the corporation's earned surplus and less than the value of unencumbered stocks and bonds available for payment of dividends, was declared in December 1936. The dividend was credited to the stockholders upon the corporation's books, without restriction as to withdrawal, and the stockholders had notice. They reported the dividend…
2Cases cited1 opinion
- Atlantic Land Co. v. CommissionerUnited States Board of Tax Appeals · 1940