Legal Opinion
Hercules Gasoline Co. v. Commissioner of Internal Revenue
Court of Appeals for the Fifth Circuit
Decided March 1, 1945No. 11211PublishedCited by 4 opinions
1Opinion of the Court
HOLMES, Circuit Judge.
Section 26(c) (1) of the Revenue Act of 1936, 26 U.S.C.A. Int.Rev.Acts, page 836, relieves corporations from taxes upon undistributed profits to the extent that such profits could not be distributed without violating a provision of a written contract executed by the corporation prior to May 1, 1936, which provision expressly dealt with the payment of dividends. Petitioner’s transferor, prior to May 1, 1936, issued preferred-stock certificates, and incorporated therein by reference an article of its charter providing that no dividend should be paid on the common stock of…
2Cases cited8 opinions
- Helvering v. Northwest Steel Rolling Mills, Inc.Supreme Court of the United States · 1940
- Warren v. KingSupreme Court of the United States · 1883
- Lehigh Structural S. Co. v. Commissioner of Int. Rev.Court of Appeals for the Third Circuit · 1942
- Warren Tel. Co. v. CommissionerCourt of Appeals for the Sixth Circuit · 1942
- Metal Specialty Co. v. CommissionerCourt of Appeals for the Sixth Circuit · 1942
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3Cited by4 opinions
- Chase Manhattan Bank v. BurdenDistrict of Columbia Court of Appeals · 1985
- Hercules Gasoline Co. v. CommissionerSupreme Court of the United States · 1946
- Unitex Industries, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1959
- Hercules Gasoline Co. v. CommissionerSupreme Court of the United States · 1946