Bear Gulch Water Co. v. Commissioner
United States Board of Tax Appeals
Under the statutes of the State of California, property owned by the regents of the university of California is the property of the university and of the State of California. All of petitioner's stock was owned by the regents in the taxable years. In 1933 no dividends were paid on petitioner's stock, and in 1934 $10,000 dividends were paid.
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Under the statutes of the State of California, property owned by the regents of the university of California is the property of the university and of the State of California. All of petitioner's stock was owned by the regents in the taxable years. In 1933 no dividends were paid on petitioner's stock, and in 1934 $10,000 dividends were paid. Upon the facts, it is held, (1) petitioner is a corporate entity separate from its stockholders, and it is not an agency of the State; (2) no income accrued to the State by virtue of mere ownership of stock in 1933, and none of petitioner's income for 1933…
1Opinion of the Court
BEAR GULCH WATER COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Bear Gulch Water Co. v. Commissioner
Docket No. 87921.
United States Board of Tax Appeals
40 B.T.A. 1281; 1939 BTA LEXIS 731;
December 26, 1939, Promulgated
Under the statutes of the State of California, property owned by the regents of the university of California is the property of the university and of the State of California. All of petitioner's stock was owned by the regents in the taxable years. In 1933 no dividends were paid on petitioner's stock, and in 1934 $10,000 dividends were paid. Upon the facts, it…
2Cases cited12 opinions
- Eisner v. MacOmberSupreme Court of the United States · 1920
- Keifer & Keifer v. Reconstruction Finance Corp.Supreme Court of the United States · 1939
- Helvering v. Mountain Producers Corp.Supreme Court of the United States · 1938
- Curran v. ArkansasSupreme Court of the United States · 1853
- Allen v. Regents of the University SystemSupreme Court of the United States · 1938
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