Foley Sec. Corp. v. Commissioner
United States Board of Tax Appeals
Petitioner, a personal holding company with a capital deficit, having distributed in the tax year not only the excess of its "adjusted net income" over the deficit, but also an additional amount, held, not entitled to a "dividends paid" credit for such additional amount under section 351, Revenue Act of 1934, since the term "dividends" does not apply to distributions out of earnings or profits necessary to make good an existing deficit.
1Opinion of the Court
FOLEY SECURITIES CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Foley Sec. Corp. v. Commissioner
Docket No. 90449.
United States Board of Tax Appeals
38 B.T.A. 1036; 1938 BTA LEXIS 798;
October 26, 1938, Promulgated
Petitioner, a personal holding company with a capital deficit, having distributed in the tax year not only the excess of its "adjusted net income" over the deficit, but also an additional amount, held, not entitled to a "dividends paid" credit for such additional amount under section 351, Revenue Act of 1934, since the term "dividends" does not apply to…
2Cases cited9 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Willcuts v. Milton Dairy Co.Supreme Court of the United States · 1927
- Foley Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1938
- Stifel v. CommissionerUnited States Board of Tax Appeals · 1934
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