Thibaut & Walker Co. v. Commissioner
United States Board of Tax Appeals
UNDISTRIBUTED PROFITS TAX - CREDIT - CONTRACT RESTRICTING DIVIDENDS. - A contract whereby four sole stockholders-directors agreed to vote for a dividend policy requiring the addition of $15,000 of annual earnings to surplus and to which contract the corporation was a party, does not entitled the corporation to a credit under section 26(c)(1) of the Revenue Act of 1936.
1Opinion of the Court
THE THIBAUT & WALKER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Thibaut & Walker Co. v. Commissioner
Docket No. 96149.
United States Board of Tax Appeals
42 B.T.A. 29; 1940 BTA LEXIS 1062;
June 11, 1940, Promulgated
UNDISTRIBUTED PROFITS TAX - CREDIT - CONTRACT RESTRICTING DIVIDENDS. - A contract whereby four sole stockholders-directors agreed to vote for a dividend policy requiring the addition of $15,000 of annual earnings to surplus and to which contract the corporation was a party, does not entitled the corporation to a credit under section 26(c)(1) of the Revenue Act…
2Cases cited1 opinion
- Thibaut & Walker Co. v. CommissionerUnited States Board of Tax Appeals · 1940