Fox v. Commissioner
United States Tax Court
Dividends on petitioner's federal savings and loan association shares were declared and payable on December 31, 1949. Had petitioner on that date personally appeared and demanded the dividends they would have been paid, but, in fact, the dividends were paid in regular course by checks which were received by petitioner in 1950. Held, the dividends were not constructively received during the taxable year 1949, but were income in 1950.
1Opinion of the Court
OPINION.
Black, Judge:
The sole issue in this proceeding is whether certain dividends from federal savings and loan associations are taxable to petitioner during the taxable year 1949, or in 1950. These dividends were not actually received by petitioner, a cash basis taxpayer, until the year 1950. Nevertheless, respondent determined the dividends are taxable to petitioner during 1949, based on constructive receipt during 1949. In support of his determination respondent relies primarily on the following facts: (1) That the dividends were declared and were payable in 1949, and (2) that had…
Also in this document: Concurrence.
2Cases cited1 opinion
- Avery v. CommissionerSupreme Court of the United States · 1934
3Cited by11 opinions
- Romine v. Comm'rUnited States Tax Court · 1956
- Citizens Federal Sav. & Loan Ass'n v. CommissionerUnited States Tax Court · 1958
- Estate of Snider v. CommissionerUnited States Tax Court · 1959
- Commissioner of Internal Revenue v. Maurice FoxCourt of Appeals for the Third Circuit · 1954
- Henningsen v. CommissionerUnited States Tax Court · 1956
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