Stifel v. Commissioner
United States Board of Tax Appeals
DIVIDENDS - MOST RECENTLY ACCUMULATED EARNINGS OR PROFITS DETERMINED. - Petitioners owned shares in a corporation organized on June 1, 1920, with a paid-in capital of $3,326,502.88, of which $326,502.88 was set up on the corporation's books as paid-in surplus.
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DIVIDENDS - MOST RECENTLY ACCUMULATED EARNINGS OR PROFITS DETERMINED. - Petitioners owned shares in a corporation organized on June 1, 1920, with a paid-in capital of $3,326,502.88, of which $326,502.88 was set up on the corporation's books as paid-in surplus. From June 1 to December 31, 1920, the corporation sustained a loss of $532,026.24. During the next seven years the corporation earned $1,399,620.48 and paid dividends of $974,000. During 1928 it sustained a loss of $39,059.87 and paid dividends of $180,000. Held, that the loss of $532,026.24 must be made good by subsequent earnings…
1Opinion of the Court
OPINION.
Black:
Petitioners seek a redetermination of deficiencies in income tax for the calendar year 1928 in the respective amounts of $104, $466.30, and $458.71. Approximately $16,760 is in controversy, due to the contention of each petitioner that he has overpaid his tax liability for the year in question. The error assigned in each petition is identical and is as follows:
The Commissioner of Internal Revenue has erroneously included in net income distributions received by the petitioner from the J. L. Stifel & Sons Company in the amount of $42,268.21 for the year 1928, which amount was paid…
2Cases cited5 opinions
- Lynch v. HornbySupreme Court of the United States · 1918
- Helvering v. CanfieldSupreme Court of the United States · 1934
- Crocker v. CommissionerUnited States Board of Tax Appeals · 1934
- Shorb v. CommissionerUnited States Board of Tax Appeals · 1931
- Washburn v. CommissionerUnited States Board of Tax Appeals · 1929
3Cited by15 opinions
- Enoch v. CommissionerUnited States Tax Court · 1972
- Van Norman Co. v. WelchCourt of Appeals for the First Circuit · 1944
- Helvering v. JarvisCourt of Appeals for the Fourth Circuit · 1941
- Foley Securities Corp. v. CommissionerCourt of Appeals for the Eighth Circuit · 1939
- Plant v. CommissionerUnited States Board of Tax Appeals · 1934
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