Deutsch v. Commissioner
United States Tax Court
1. Held, certain payments by a corporation in redemption of stock were distributions to petitioners. 2. Held, further, an entry on the books of a corporation transferring a sum from surplus to capital upon the issuance of a stock dividend does not affect the accumulated earnings and profits of the corporation. 3. Held, further, a deficiency in income tax, even though not paid, is properly taken into account in determining earnings and profits in the year for which the…
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1. Held, certain payments by a corporation in redemption of stock were distributions to petitioners. 2. Held, further, an entry on the books of a corporation transferring a sum from surplus to capital upon the issuance of a stock dividend does not affect the accumulated earnings and profits of the corporation. 3. Held, further, a deficiency in income tax, even though not paid, is properly taken into account in determining earnings and profits in the year for which the deficiency is determined. 4. Held, further, a tax refund arising from a net operating loss carryback should be taken into…
1Opinion of the Court
Fay, Judge:
The Commissioner determined deficiencies in the petitioners’ income taxes, as follows:
Year Amount
1951_$5,136.50
1952_ 3, 893. 92
1953_ 10,157.23
1954_ 9, 962.10
1955_ 3,453.19
The only issues for decision are:(1) Whether certain payments made by a corporation were distributions to petitioner Robert Deutsch;(2) Whether the corporation had earnings and profits at least equal to the amount of these payments at the time they were made; and(3) Whether the assessments for the years 1951 and 1952 were barred by the statute of limitations.
FINDINGS OF FACT.
Some of the facts are stipulated and…
2Cases cited10 opinions
- Wall v. United StatesCourt of Appeals for the Fourth Circuit · 1947
- Stein v. CommissionerUnited States Tax Court · 1956
- Lazarus I. Levine and Norman L. Marks, Executors of the Estate of Samuel Stein v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1958
- Fox v. HarrisonCourt of Appeals for the Seventh Circuit · 1944
- Monroe Zipp and Helen Zipp v. Commissioner of Internal Revenue, Bernard Zipp and Jean B. Zipp v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
5 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- Yelencsics v. CommissionerUnited States Tax Court · 1980
- Ciaio v. CommissionerUnited States Tax Court · 1967
- Amp Incorporated and Consolidated Subsidiaries v. United StatesCourt of Appeals for the Federal Circuit · 1999
- Adams v. CommissionerCourt of Appeals for the Eighth Circuit · 1979
- Deutsch v. CommissionerCourt of Appeals for the Ninth Circuit · 1969
12 more not listed; retrieve them via the Exa API.