Helms Bakeries v. Commissioner
United States Board of Tax Appeals
1. Petitioner corporation agreed, in writing, to liquidate an indebtedness at the rate of $10,000 per month and that no cash dividends would be paid until the loan was liquidated. It interpreted the contract as not preventing it from declaring and distributing a stock dividend and this was done. The correct interpretation was placed upon the contract.
Read the full summary
1. Petitioner corporation agreed, in writing, to liquidate an indebtedness at the rate of $10,000 per month and that no cash dividends would be paid until the loan was liquidated. It interpreted the contract as not preventing it from declaring and distributing a stock dividend and this was done. The correct interpretation was placed upon the contract. Held, petitioner is not entitled to any credit under section 26(c)(1) of the Revenue Act of 1936 in computing its undistributed net income. 2. The agreement made by the corporation with its creditor did not expressly deal with the disposition of…
1Opinion of the Court
HELMS BAKERIES, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
PAUL H. HELMS AND PEARL E. HELMS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
PAUL H. HELMS, TRUSTEE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Helms Bakeries v. Commissioner
Docket Nos. 102603, 102604, 102602.
United States Board of Tax Appeals
46 B.T.A. 308; 1942 BTA LEXIS 881;
February 11, 1942, Promulgated
1. Petitioner corporation agreed, in writing, to liquidate an indebtedness at the rate of $10,000 per month and that no cash dividends would be paid until the loan was liquidated.…
2Cases cited20 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Helvering v. GowranSupreme Court of the United States · 1937
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Koshland v. HelveringSupreme Court of the United States · 1936
15 more not listed; retrieve them via the Exa API.