McKelvy v. United States

I respectfully disagree with the opinion of the court in this case. The court has restricted itself to what it describes as the “sole question” and the “narrow question” of whether the April 12, 1969, transaction was a taxable dividend 'to the extent of earnings and profits of McKelvy Furniture, Inc., in the sum of $14,378.80 for its fiscal year ending January 31, 1970. In so limiting its opinion, the court has erred. Such question is “narrow,” indeed, but it is not the “sole” question in the case. This restriction of the court’s decision to this isolated transaction leaves many questions…