Columbia River Paper Mills v. Commissioner
United States Board of Tax Appeals
By the provisions of a written contract executed prior to May 1, 1936, the petitioner was prevented from paying any "cash" dividends out of its profits for 1936. Since in the circumstances of this case any dividends paid by the petitioner in 1936 would of necessity have had to be paid in cash, it is held, that the petitioner is entitled under section 26(c) of the Revenue Act of 1936 to a credit equaling the amount of its adjusted net income.
1Opinion of the Court
COLUMBIA RIVER PAPER MILLS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Columbia River Paper Mills v. Commissioner
Docket No. 97740.
United States Board of Tax Appeals
43 B.T.A. 263; 1941 BTA LEXIS 1530;
January 7, 1941, Promulgated
By the provisions of a written contract executed prior to May 1, 1936, the petitioner was prevented from paying any "cash" dividends out of its profits for 1936. Since in the circumstances of this case any dividends paid by the petitioner in 1936 would of necessity have had to be paid in cash, it is held, that the petitioner is entitled under section…
2Cases cited1 opinion
- Columbia River Paper Mills v. CommissionerUnited States Board of Tax Appeals · 1941