Wood v. Commissioner
United States Board of Tax Appeals
1. Where a stockholder, on behalf of the corporation, received payments due upon sales of real estate, paid therefrom operating expenses of the company and retained the balance, and was charged with such funds upon the corporate records as an account receivable from him until offset by dividends later declared, held, such amounts were not income to stockholder in the years when received and retained. 2. Where a corporation has completed the development and sale of certain…
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1. Where a stockholder, on behalf of the corporation, received payments due upon sales of real estate, paid therefrom operating expenses of the company and retained the balance, and was charged with such funds upon the corporate records as an account receivable from him until offset by dividends later declared, held, such amounts were not income to stockholder in the years when received and retained. 2. Where a corporation has completed the development and sale of certain real property, for which purpose it was organized, and is continued only to collect installments, execute deeds, and other…
1Opinion of the Court
*165OPINION.
GOODRICH:
While the issue expressly raised by the pleadings relates to the character of the distributions received by petitioner from the Lakemont Company under the resolutions adopted by its directors on December 15, 1925, the further problem called to attention upon brief naturally arises under the issue presented and, since its determination is necessary to the ascertainment of petitioner’s tax liability for the year 1925, we will consider it. Petitioner, relying mainly upon Chattanooga Savings Bank v. Brewer, 9 Fed. (2d) 982; affd., 17 Fed. (2d) 79; certiorari denied, 274 U. S.…
2Cases cited2 opinions
- Hellmich v. HellmanSupreme Court of the United States · 1928
- Cornell Steamboat Company v. John J. Coughlin and J. C. Davis, Director General of Railroads, EtcSupreme Court of the United States · 1927
3Cited by14 opinions
- Kennemer v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1938
- Maguire v. CommissionerUnited States Tax Court · 1968
- Cohen v. CommissionerUnited States Board of Tax Appeals · 1933
- Ward M. Canaday, Inc. v. CommissionerUnited States Board of Tax Appeals · 1933
- Vonnegut Hardware Co. v. CommissionerUnited States Board of Tax Appeals · 1933
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