Senior Inv. Corp. v. Commissioner
United States Tax Court
1. Where the provisions of an amendment to the charter of petitioner and certificates of stock issued thereunder prohibited the payment of dividends until the earnings and profits of petitioner should accumulate and be transferred in a certain amount to capital or capital surplus to wipe out a deficit, and such earnings and profits had not been accumulated in such amount in any of the taxable years, held that petitioner is not entitled to credits by reason of such provisions…
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1. Where the provisions of an amendment to the charter of petitioner and certificates of stock issued thereunder prohibited the payment of dividends until the earnings and profits of petitioner should accumulate and be transferred in a certain amount to capital or capital surplus to wipe out a deficit, and such earnings and profits had not been accumulated in such amount in any of the taxable years, held that petitioner is not entitled to credits by reason of such provisions of its charter and certificates of stock in any of those years under section 26 (c) (1) of the Revenue Act of 1936;…
1Opinion of the Court
OPINION.
Tyson, Judge:
One of the issues presented by the petition filed herein is whether, in computing surtax on undistributed profits for each of the years 1936 and 1937, the petitioner should be allowed for each of such years, under the provisions of section 26 (c) (1) of the Revenue Act of 1936, a credit of an amount equal to its entire adjusted net income. While the proceeding was under advisement, Congress amended section 26 (c), effective as of the date of the enactment of the Act of 1936, by adding paragraph (3) which authorizes a credit in the case of a deficit corporation. Sec. 5Ó1…
2Cases cited14 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Lynch v. HornbySupreme Court of the United States · 1918
- Willcuts v. Milton Dairy Co.Supreme Court of the United States · 1927
- Mobile & Ohio Railroad v. TennesseeSupreme Court of the United States · 1894
9 more not listed; retrieve them via the Exa API.
3Cited by11 opinions
- Commissioner v. PhippsSupreme Court of the United States · 1949
- United States v. RielyCourt of Appeals for the Fourth Circuit · 1948
- Mandel v. CommissionerUnited States Tax Court · 1945
- Grand Traverse Hotel Co. v. United StatesDistrict Court, W.D. Michigan · 1948
- Phipps v. CommissionerUnited States Tax Court · 1947
6 more not listed; retrieve them via the Exa API.