United Business Corp. v. Commissioner
United States Board of Tax Appeals
1. Petitioner corporation was availed of during the taxable years for the purpose of preventing the imposition of the surtax on its stockholders through the medium of permitting the gains and profits to accumulate instead of being divided or distributed. 2. Since the application of section 220 of the Revenue Act of 1921 in any taxable year is wholly dependent on the facts and circumstances of that particular year, the fact that provisions of the section in question have been…
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1. Petitioner corporation was availed of during the taxable years for the purpose of preventing the imposition of the surtax on its stockholders through the medium of permitting the gains and profits to accumulate instead of being divided or distributed. 2. Since the application of section 220 of the Revenue Act of 1921 in any taxable year is wholly dependent on the facts and circumstances of that particular year, the fact that provisions of the section in question have been applied by the Board and affirmed by the Circuit Court of Appeals as to a previous year does not justify the…
1Opinion of the Court
OPINION.
Van Fossan:
This proceeding seeks redetermination of income tax deficiencies in the amounts of $15,399.97 and $38,657.74 for the calendar years 1922 and 1923, respectively.
The asserted deficiencies include the additional tax at 25 percent of petitioner’s net income for each of those years, assessed by re*84spondent pursuant to his certification that in his opinion petitioner’s accumulation of gains and profits and additions to surplus for 1922 and 1923 were unreasonable for the purposes of its business and Ms determination that such unreasonable accumulations of profits were for the…
2Cited by8 opinions
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- Charleston Lumber Co. v. United StatesDistrict Court, S.D. West Virginia · 1937
- Almours Secur., Inc. v. CommissionerUnited States Board of Tax Appeals · 1936
- Cal. Motor Transp. Co. v. Comm'rUnited States Tax Court · 1943
- Corporate Inv. Co. v. CommissionerUnited States Board of Tax Appeals · 1939
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