Legal Opinion
Valspar Corp. v. Commissioner
Court of Appeals for the Second Circuit
Decided January 18, 1949No. 53, Docket 21046PublishedCited by 1 opinion
1Opinion of the Court
AUGUSTUS N. HAND, Circuit Judge.
This appeal relates to a surtax on undistributed profits of the taxpayer Valspar Corporation for the fiscal year ending Novembcr 30, 1937. The question is whether the Commissioner should have, allowed a credit to the taxpayer in assessing a surtax upon its undistributed net income for the above fiscal year because of the terms of a contract made by its wholly owned subsidiary Valentine & Company with a group of creditor banks to which Valentine & Company had given its notes in the sum of $1,133,300. The notes contained the following provisions relating to…
2Cases cited5 opinions
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Glenn v. Chess & Wymond, Inc.Court of Appeals for the Sixth Circuit · 1942
- Hobbs-Western Co. v. CommissionerCourt of Appeals for the Eighth Circuit · 1942
- Commissioner of Internal Revenue v. John A. Wathen Distillery Co.Court of Appeals for the Sixth Circuit · 1945
- Cotton States Fertilizer Co. v. CommissionerUnited States Board of Tax Appeals · 1942
3Cited by1 opinion
- Gonzales, Alejandro FariasCourt of Appeals of Texas · 2015