Crane Johnson Co. v. Commissioner
United States Board of Tax Appeals
1. A corporation prohibited by state law from declaring dividends because of an existing deficit held not entitled to deduction in computation of the undistributed profits surtax under the Revenue Act of 1936. 2. Undistributed profits surtax held constitutional.
1Opinion of the Court
CRANE JOHNSON COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Crane Johnson Co. v. Commissioner
Docket No. 91809.
United States Board of Tax Appeals
38 B.T.A. 1355; 1938 BTA LEXIS 752;
December 8, 1938, Promulgated
1. A corporation prohibited by state law from declaring dividends because of an existing deficit held not entitled to deduction in computation of the undistributed profits surtax under the Revenue Act of 1936.
2. Undistributed profits surtax held constitutional.
John A. Cull, C.P.A., for the petitioner.
W. R. Lansford, Esq., for the respondent.
OPPER
OPINION.
OPPER: This…
2Cases cited15 opinions
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- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
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