Sunshine Cloak & Suit Co. v. Commissioner
United States Board of Tax Appeals
Where the principal stockholder of a close corporation, pursuant to an intention to make a contribution to corporate surplus, instructed his bookkeeper to transfer a portion of the sum credited to his personal account to such surplus, and such order was executed, held, the amount so transferred was allowable as invested capital.
1Opinion of the Court
SUNSHINE CLOAK & SUIT CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Sunshine Cloak & Suit Co. v. Commissioner
Docket No. 11810.
United States Board of Tax Appeals
16 B.T.A. 540; 1929 BTA LEXIS 2558;
May 14, 1929, Promulgated
Where the principal stockholder of a close corporation, pursuant to an intention to make a contribution to corporate surplus, instructed his bookkeeper to transfer a portion of the sum credited to his personal account to such surplus, and such order was executed, held, the amount so transferred was allowable as invested capital.
George Beneman, Esq., and…
2Cases cited2 opinions
- Sunshine Cloak & Suit Co. v. CommissionerUnited States Board of Tax Appeals · 1928
- Sunshine Cloak & Suit Co. v. CommissionerUnited States Board of Tax Appeals · 1929