Central West Coal Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner executed a mortgage in which it agreed not to pay dividends until the principal of bonds maturing in each year and interest on all outstanding bonds "shall have been provided for." In the taxable year and all prior years, it paid the principal and interest due from capital assets, earnings, and other funds.
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1. Petitioner executed a mortgage in which it agreed not to pay dividends until the principal of bonds maturing in each year and interest on all outstanding bonds "shall have been provided for." In the taxable year and all prior years, it paid the principal and interest due from capital assets, earnings, and other funds. Held, the contract did not prohibit payment of dividends in the taxable years under section 26(c)(1) of the Revenue Act of 1936. 2. There was a provision in a resolution of petitioner's stockholders, and in its preferred stock certificates issued as provided in the…
1Opinion of the Court
CENTRAL WEST COAL COMPANY, A CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Central West Coal Co. v. Commissioner
Docket No. 101491.
United States Board of Tax Appeals
44 B.T.A. 661; 1941 BTA LEXIS 1298;
June 5, 1941, Promulgated
1. Petitioner executed a mortgage in which it agreed not to pay dividends until the principal of bonds maturing in each year and interest on all outstanding bonds "shall have been provided for." In the taxable year and all prior years, it paid the principal and interest due from capital assets, earnings, and other funds. Held, the contract did…
2Cases cited6 opinions
- United States v. Choctaw NationSupreme Court of the United States · 1900
- Insurance Cos. v. WrightSupreme Court of the United States · 1864
- Monroe Abstract Corp. v. CommissionerUnited States Board of Tax Appeals · 1940
- Honokaa Sugar Co. v. CommissionerUnited States Board of Tax Appeals · 1940
- Airtherm Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1941
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