Legal Opinion
Hughes Tool Co. v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided March 9, 1945No. Nos. 11102, 11103PublishedCited by 2 opinions
1Opinion of the Court
SIBLEY, Circuit Judge.
In this consolidated case, taxes for 1936 and 1937 are involved, and the dispute is over the disallowance in computing the surtax on undistributed profits of a credit claimed under Revenue Act of 1936, Sec. 26(c) (1), 26 U.S.C.A. Int.Rev.Acts, page 836, by reason of a contract restricting the payment of dividends and requiring earnings to be set apart to pay a debt. There was such a contract executed by a wholly owned subsidiary, which was dissolved and its business taken over by the taxpayer during 1936, and the precise question is whether advantage can be taken by the…
2Cases cited6 opinions
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Helvering v. Metropolitan Edison Co.Supreme Court of the United States · 1939
- Helvering v. Ohio Leather Co.Supreme Court of the United States · 1942
- Phebus Oil Co. v. CommissionerCourt of Appeals for the Fifth Circuit · 1943
- Anglim v. Acme Brewing Co.Court of Appeals for the Ninth Circuit · 1944
1 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Commissioner v. Hughes Tool Co.Court of Appeals for the Fifth Circuit · 1947
- Commissioner v. Hughes Tool Co.Court of Appeals for the Fifth Circuit · 1947