Chicago Stock Yards Co. v. Commissioner
United States Board of Tax Appeals
The petitioner is a holding or investment company which had on December 31, 1929, a surplus of $19,615,905.69 and a capital surplus of $6,450 over and above its liabilities and a paid-in capital of $1,000,000. Held, that the petitioner had no need for the accumulation of gains and profits beyond the amount accumulated to December 31, 1929, and a further accumulation of profits in subsequent years was beyond the reasonable needs of the business, and that during the years…
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The petitioner is a holding or investment company which had on December 31, 1929, a surplus of $19,615,905.69 and a capital surplus of $6,450 over and above its liabilities and a paid-in capital of $1,000,000. Held, that the petitioner had no need for the accumulation of gains and profits beyond the amount accumulated to December 31, 1929, and a further accumulation of profits in subsequent years was beyond the reasonable needs of the business, and that during the years 1930, 1932, and 1933 the petitioner was "availed of" for the purpose of preventing the imposition of the surtax upon its…
1Opinion of the Court
CHICAGO STOCK YARDS COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Chicago Stock Yards Co. v. Commissioner
Docket No. 83797.
United States Board of Tax Appeals
41 B.T.A. 590; 1940 BTA LEXIS 1162;
March 20, 1940, Promulgated
The petitioner is a holding or investment company which had on December 31, 1929, a surplus of $19,615,905.69 and a capital surplus of $6,450 over and above its liabilities and a paid-in capital of $1,000,000. Held, that the petitioner had no need for the accumulation of gains and profits beyond the amount accumulated to December 31, 1929, and a further…
2Cases cited12 opinions
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Lem Woon v. OregonSupreme Court of the United States · 1913
- William C. De Mille Prods. v. CommissionerUnited States Board of Tax Appeals · 1934
- W. S. Farish & Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- Almours Secur., Inc. v. CommissionerUnited States Board of Tax Appeals · 1936
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