National Grocer Co. v. Commissioner
United States Board of Tax Appeals
The surplus and undivided profits of a corporation, which must be included in invested capital under the provisions of section 326 of the Revenue Act of 1918, can not be reduced by the elimination of any gains or profits of such corporation which may have been exempt from income taxes.
1Opinion of the Court
Appeal of NATIONAL GROCER CO.
National Grocer Co. v. Commissioner
Docket No. 562.
United States Board of Tax Appeals
1 B.T.A. 688; 1925 BTA LEXIS 2839;
February 28, 1925, decided Submitted January 26, 1925.
The surplus and undivided profits of a corporation, which must be included in invested capital under the provisions of section 326 of the Revenue Act of 1918, can not be reduced by the elimination of any gains or profits of such corporation which may have been exempt from income taxes.
W. Alfred Debo, Esq., for the taxpayer.
Arthur H. Fast, Esq. (Nelson T. Hartson, Solicitor of Internal Revenue)…
2Cases cited1 opinion
- National Grocer Co. v. CommissionerUnited States Board of Tax Appeals · 1925