Scatena v. Commissioner
United States Board of Tax Appeals
1. Dividends in stock of a third corporation were declared in 1928 by two corporations in which the petitioner was a stockholder.
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1. Dividends in stock of a third corporation were declared in 1928 by two corporations in which the petitioner was a stockholder. The dividend stock was issued in petitioner's name and signed by the transfer agent and registrar on or before December 5, 1928, and the issuing corporations recognized the dividends as a liability on their books as of October 31, 1928. The certificates were delivered to the petitioner in January 1929. Held, the dividends were income in 1928. 2. The market value of subscription rights to purchase bonds of the American Telephone & Telegraph Co., received as a…
1Opinion of the Court
*677OPINION.
MoRRis:
The first question pertains to whether or not the aggregate value of the 175 shares of stock of the Bank of America National Association received by the petitioner, as dividends, from Bancitaly Corporation and National Bankitaly Co. is taxable within the period under consideration, 1929, as the respondent has determined and as he here contends. The respondent relies upon the following provisions of the Bevenue Act of 1928 and the articles of Begulations 74 promulgated by him pursuant thereto:
Seo. 115. (a) Definition of dividend. — The term “dividend” when used in this title…
2Cases cited3 opinions
- Avery v. CommissionerSupreme Court of the United States · 1934
- Pacific National Bank v. EatonSupreme Court of the United States · 1891
- In re Stoddard Bros. Lumber Co.District Court, D. Idaho · 1909
3Cited by11 opinions
- Byrne v. CommissionerUnited States Tax Court · 1970
- Vern Realty, Inc. v. CommissionerUnited States Tax Court · 1972
- Pilgrim's Pride Corp. v. Comm'rUnited States Tax Court · 2013
- Byrne v. CommissionerUnited States Tax Court · 1970
- Perata v. CommissionerUnited States Board of Tax Appeals · 1935
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